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neveremail, in my experience "links" pages have always tended to be devalued a bit (by google at least). I have assumed it is because links pages are often similar to other links pages used by the same webmaster on other domains.
But, becuase links pages tend to have a lot of text, often more text with rarer keywords than are on the main pages of the domain, they often end up getting a nice stream of traffic.
I have never seen anything that I would call a "link dump" penalty for such pages. If there was, I'd have to think that the same types of penalties would be applied to all linklist cat pages, and I don't really see that when I look at the serps.
So, my main concern with links pages is similarity - but personally, I tend to use links pages as a traffic tool, not as much to get SE traffic.
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