"Link Text" would be the text of the "cut" ("If you see a friend without a smile..." in your example).
The text of the entry would go after the closing span tag.
Basically, what happens is that the span tags essentially hide the actual cut-tag (hence the "display:none" part). BUT the cut is still there, so you have to click the link in order to open the rest of the entry.
That's the view you'd see from the journal itself, with the pretty lyrics. The bolded lyric in the middle ("I believe that junk food tastes so good because it's bad for you") is the link. Click it, and you get to the entry.