Google's Matt Cutts posted a video answering the old question, can Google crawl more than a 100 links on a specific page?
Of course they can. They said so in 2008 and there are plenty of sites with hundreds of links on a page that are not penalized by Google.
Google said they have no specific rule, but if the number of links you have on your page looks spammy, then Google reserves the right to take action.
Here is Matt's video:
Of course, many SEOs are scratching their heads and asking - really? Did Matt Cutts really need to go on record about this? Is this the state of our SEO industry?