Over the last 10 or so years the temptation to take a paid link here or there, and/or build lots of links across crappy sites has been sucked up up by multitudes of webmasters across the globe. Now those sites are in trouble in the SERP's.
Some of those site owners would be reluctant to cull all links, as this will also create big trouble. Site's that embarked on this strategy, that i've seen, have tanked correspondingly.
Links to cull, i believe are:
-overuse of same anchor text
-overuse of links from crappy websites
Links to engage are from high quality sources, connected to reputation. Not just Toolbar Page Rank.
Now here's the catch. Lot's of you have great links mixed in with crappy links pointing to the same URL's. You can get those links changed.
What's the strategy? Do you let go the site ? Do you change the URL's ? What is the checklist and actions for dealing with this ?