if it helps anyone, here's how i displayed the login link if logged out and vice versa...
Code:
{if $login ne ""}
<form action="/store/include/login.php" method="post" name="loginform"><img src="{$ImagesDir}/spacer.gif" width="10" height="1" alt="" /><a href="javascript
: document.loginform.submit();">log out</a>
<input name="mode" value="logout" type="hidden">
<input name="redirect" value="customer" type="hidden">
</form>
{else}
<a href="
mysite/xcart/myaccount.php">login</a>
{/if}