Cutts says “It used to be the case that Google bot and our indexing system would truncate at 100 or 101K, and anything beyond that wouldn’t get indexed, and what we did, was we said, ‘Okay, if the page is 101K, 100K, then, you know, it’s reasonable to expect roughly one link per kilobyte, and therefore, something like 100 links on a page.’ So that was in our technical guidelines, and we said, you know, ‘This is what we recommend,’ and a lot of people assumed that if they had 102 links or something like that then we would view it as spam, and take action, but that was just kind of a rough guideline”

Matt also explained that your PageRank is divided by the number of links on a page. If you have 100 links, you’ll divide your PageRank by 100. If you have 1,000 links, you’ll divide your PageRank by 1,000.

If you’re concerned about having too many links on a page, Cutts suggests getting a “regular user,” and testing it out with them to see if they think it has too many links.