How many links is too many?
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I know this is a bit of a difficult one to answer but would appreciate some opinions.
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If you're talking about links on a page, 100 - 200 is the general guideline depending on your site.
If you're talking about incoming links, and they are quality links, then let 'em rip! Seriously, for incoming links you primarily want to just stay ahead of your competition. The general idea is to slowly build them over time, think of them as a natural linking progression rather than - BOOM - all at once.
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I don't think there is such a thing as too many links. Otherwise, if google penalized a page with too many links, sites like Facebook and Amazon would be banned right away, they have millions of back links. More than most of us mere mortals could hope for. But as has been said already, the key is that they be quality links.
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Dr. Pete did a great post about just this topic (same exact title for the blog post even) at http://www.seomoz.org/blog/how-many-links-is-too-many