I don't see having massive numbers of outbound links as a problem as long as they are well curated. I'm seeing UGC content sites with moderation systems creating huge quantities of content that includes massive amounts of links. I can't imagine Google would want to stop paying attention to such a rich source of link signal.
On the other hand, I'm sure Googlebot crawls tons of cheap directories and search results with massive external links that they would like to ignore.
On the inbound side, being popular in the blogs can generate massive numbers of inbound links in a few days as a popular article makes the rounds. Google may with to ignore that, but it certainly shouldn't penalize for it.