Matt Cutts took to his blog to talk about just how many links you can include on one page. The rule of thumb for a long time has been no more than 100 links per page, and Cutts says that recommendation hasn't changed.
But he clarified that it's not a hard line. Just because a page has more than 100 links does not automatically qualify it as a spam page.
Still, the PageRank will be diluted among the links. Google also may not follow or index all the links if there are hundreds.
Basically, Cutts' advice boils down to what Google really wants from site content: Develop with the reader in mind.
Matt Cutts Clarifies Google's New Preference of Brands
Matt Cutts: Slap the Nofollow on Those Paid Posts
If You Want To Know When Google Updates Toolbar PR Follow Matt Cutts on Twitter