jjray - 3:36 am on Nov 1, 2011 (gmt 0)
I too am experiencing the problem of large numbers of spam inbound links that are broken. As to the 301 move, I get the argument that it is a bad idea to redirect to a meaningful page on your site as doing this means the redirect landing page(s) then has the manure of the spam links dumped on it but doing nothing is also very harmful. These spam links are killing my search engine traffic. I've tried an intermediate tactic of redirecting to a new page named "spamlinks.htm" and assigned it a priority of ".0" in my sitemap.xml for this site. I look at it as akin to grounding a lightning strike. I've redirected the spam links to a page that theoretically causes no harm to my site. I'll give this corrective action time to see how it plays out and report back.