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According to Yahoo's Best Practices for Speeding Up Your Web Site, always use <link> instead of @import. More detailed information is available in this blog post.
In IE (tested on 6, 7, and 8),
@importcauses the stylesheets to be downloaded sequentially. Downloading resources in parallel is key to a faster page. This behavior in IE causes the page to take a longer time to finish.
Using <link> allows the browser to open additional connections, thereby decreasing load times.