Link rotation and consequences

A question about how google treats frequent changes in links.

[milez]

Hello WW.

I wonder if any of you has an idea of what possible consequences can occur to frequent (cyclic or not?) swaps in the outgoing links of a page.

will it

1. impose a penalty of any kind on the page?
2. will G continue indexing the linked-to page even after the original link is gone in the next Googlebot viist?
3. anything else?

Thanks,

Pavel.