While going through my New Referring URL's tonight I ran across this page. It appears to me to be someone trying to qualify themselves as a hub, but I am not sure. I've honestly never seen a page like this before.
Can someone shed some insight?
(warning - the links on this page lead to adult sites)
It's a mystery to me -- it might be an experiment along the lines you mention, trying for "hub" status. But to my knowledge, that can't possibly succeed. Most SEs have a maximum limit for links on a page. And that limit comes well before 4MB of one letter link text!
The thought also occurs to me that it might be for some internal purpose of the site -- automatically crawing the competition with a custom written utility of some kind. You said you saw it in your refering URLs -- was it a spider hit or a human visitor?