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My questions are these:
1) Does Google ignore subsequent links past a certain limit, as it does lines in long pages?
2) Does Google perceive pages with "excessive" links as being link farms and penalise them?
3) Are internal links perceived differently to external links, or are both treated the same irrespective of the target domain?
As far as I can make out there are other factors such as the ratio of content to link. I had a links page dropped from the serps while another site with more links stayed. The difference was that the other guy had a line of description between each link.
From what you say, it appears that wont be penalised, none-the-less I should like a little more reassurance <g>
Our site evaluations rarely depend upon just one black/white signal... but rather groups of many, many signals.
A page with a zillion links is probably more likely, on average, to be the sort of page which isn't very user-friendly. Other signals of such a page might make it look even more spammy, or perhaps less spammy.
On the whole, though, I'd definitely shy away from having an excessive number of links on a page.
So even with PR on something like a log scale, dividing by 378 really knocks the value of that link way down. And of course you may be right -- perhaps 378 links is just over some limit, or for some reason Google has decided that page should not pass any PR at all. I've seen that with a PR8 page in the past.
#2 and #3 wont get answered with a factual response - unless someone from Google breaks their ND agreement
[edited by: Marval at 8:01 pm (utc) on Nov. 4, 2006]