the Content Page is a page that is associated to a Master Page. A Content Page will contain only markup and controls inside Content controls and it cannot have any top-level content of its own. while Links are found in nearly all Web pages. Links allow users to click their way from page to page.
content page is a page that related to master page, and link page is a page that related to the other link page from the master page...
Content page is the page from where you'll get info about what the site is.....and link page is da page from where u'll get loads of links better known as out bound links.