Ignoring the legal issues, if someone asks you not to link to their website then the polite thing to do is not to link to it.
Of course there might be some cases where you might be justified in liking against the owner's wishes (for example criticism, review, etc.) - however if your just linking because it adds value to your own site, then frankly that's just being a jerk.
No, these are fundamentally different issues. Hotlinking an image causes the image itself to show up in the context of your content. Linking—not hotlinking—to the image is no different from linking to a story or any other piece of content available on the WWW.
If you don't want the rest of the Internet to be able to access your resource, don't give it a uniform resource locator. If you must, simply implement rights management. You are free to tell people not to link to your content, but they are free not to care, or even to be aware of your wishes.
The URL protocol allows hotlinking just as much as it allows normal linking. What the protocol does and doesn't allow doesn't define the ethics or the situation.
I'm sure all the companies that want to control inbound links would love to have an inbound link based rights management system. However sites they want to block just use various redirect tricks to cover up the referer.
A closer comparison might be passing information onto a friend, when the person who told you the information in the first place asked you not to pass it on.
Robots.txt is great for something that is automated like scraping but otherwise it is severely limited.
Asking people not to link to your stories is absurd on its face when you put your material on the Internet.