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I read some where recently that you get penalized if you have more than 100 per page.
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Google doesn't have a set limit on links/page, though they used to have a page size/link limit due to server capacity. Links/page is a quality signal IMO, but having 300 links per page in and of itself won't harm your site. On the other hand, if your 300 links/page site are propagated across 1,000 subdomains then you might be pushing it a bit.
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Is Google on to one page sites that have 10 Thousand link trades at the bottom?
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Absolutely. That's a nice example of link spam, a ticking timebomb ready to go off any minute.
Pages like that not only hurt its owner - it pulls every one else in that link scheme network into a bad neighborhood.