Spamming is something that every white-hat SEO professional would be like to avoid. Either you are working on the project that involves the automated creation of pages which needs to be anchored to inner pages from the top landing page or web directory which holds the link of business or state/city names.
In a recent question and answer session in webmaster central video Matt Cutts clarifies that older algorithm of treating huge link from one page is no longer a spam, in fact, it was never being spam but, links after count say 100 (page size 100kb) is a set threshold of not letting those links to get indexed.
Here are top things to note down from Matts Cutts video
The limit has been increased to reasonable no. If your page is bigger, longer and has whole of the content to show to visitor then it could be up to 300-350.
Think about page rank while placing an anchor text as your page rank is also going to follow this each link. Eg. If the page rank is 4 and no. of links are 250 then it will be very small (4/250) per link.
He also added that in spite of change in algorithm change Google is still in the hunt for those spam pages.
The best thing about this is to do a polling on what a user feel visiting that page to get the fair idea.