Wilburforce - 5:22 pm on Apr 5, 2013 (gmt 0)
I see a site a site sat at the top of page 2 with just over 100 links and over 50% of those are the target phrase.
I'm pretty sure one of my pages has been penalised for exactly that type of backlink profile: the page is about widgets, and a very large number of unsolicited backlins use widgest as anchor-text. The page was at the top of page 1 for widgets (and is still at the top of page 1 in all other engines). Last year it went from the top of page 1 to nowhere on Google. It is a non-commercial (informational) page, and I have done no manipulation or deliberate SEO on it.