i see two things that come into play here:
- the link graph
- quality and relevancy of linked content
if all the inbound links go to one url and especially if that is not the home page of the site then that says something about the quality of the remaining pages of the site.
i say throttle the internal rank passing based on quality and relevance.
maybe treat the link bait page as a subdomain that is linking out to a junk subdomain.