indyank - 5:49 am on Feb 27, 2011 (gmt 0)
but I'm not sure G would want to strictly devalue internal links.
It might not have been completely devalued, but dialed down to a great extent.
Case in point: several of our pages have dozens of quality external links from related sites coming into them - in fact, more high quality external links than competitor sites
1) As you said rightly the value of those links depend on the volumeand the authority of sites from where they come - quality
2) Many now resort to 301 redirects.They build links to some pages or domains and redirect them to their pages that rank.So it isn't easy to find external links these days.They might have huge volume of links from a number of crappy farms.