Adam_Lasnik - 11:20 pm on Nov 3, 2006 (gmt 0)

Matt,

Our site evaluations rarely depend upon just one black/white signal... but rather groups of many, many signals.

A page with a zillion links is probably more likely, on average, to be the sort of page which isn't very user-friendly. Other signals of such a page might make it look even more spammy, or perhaps less spammy.

On the whole, though, I'd definitely shy away from having an excessive number of links on a page.