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crobb305 - 8:31 pm on May 23, 2012 (gmt 0)
I'm working on that possibility. If a site has "too many" in bound links using a certain phrase, and you also overlink using that phrase throughout your site (possibly in a sitewide navigation), then I feel like it could trip a spam filter. Some of the Penguinized sites I've looked at use the targeted phrase in sitewide navigation and/or have a dozen+ links from the homepage to internal money pages (sometimes multiple links to the same page with varied anchor text).