I had a blog post that recently fell past the cutoff point in my archive listing which reduced the number internal links to this particular post by about 100 pages. It went from being the first result out of ~2-million for the subject in SERPs, to about the 4th or 5th. Out of curiosity I added a new popular posts section under my archive and the post in question has a permenant link there & the post has gone back to number one in the SERPs in the last few days. I'm wondering, is there some sort of cut-off on the number of internal links I should have on a page before it has a negative effect ?
Google webmaster guidelines suggests no more than 100 links on a page - whtehr internal or external. I'd personally keep it well under 100.
I totally agree with 'Shellerz' the lower total of links on each page the more values that will be passed