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:-(
I agree, as a general rule, but its clear that links beyond #100 are still spidered, and still count.... but I tend to believe that Google wouldn't show backlinks that had no value.
Just because a link appears as a backlink, this doesn't mean that PR is passed. I think GoogleGuy confirmed this in the context of guestbook links. (Presumably BestBBs is another example for such a behaviour.)
While the PR passed is undoubtedly diminished by being divided among so many links ...
Of course, this effect was taken into account. (and it was already discussed in that thread.)
I'm pretty sure Google's guide relating to 100+ is for cosmetic reasons and at the very worse, googlebot screeches to a stop and reverses home at #100.
Has anyone any examples of a directory with over 100 links on one page that have been crawled?