it depends. Are those links relevant and related? If you run a funeral parlor but the links come from birthday party organizers...
I have a life example I have got 1200 links in one month (i.e. about 40 link per day) for my new domain, I got good ranking and traffic for ten days, and then I got this all my pages are indexed in google, But does not appear in SERPS for anything except 1- the exact domain name 2- The title of pages quoted with " I think am penalized
If someone could build me some links, I could answer the question for you I'd be in the Nay camp to be honest. I just can't believe it would be that easy to harm a competitor's site, simply by hitting it with tons of useless links.