I am also wondering about this particular "warning" with an e-commerce site that naturally has many links because it's a large clothing catalog. I'd like to know where "too many links" falls in the seriousness of warnings. If it's really serious, we may consider reducing our navigation links, although we think they are fine the way they are for customers.
I can see duplicate content being a big issue. I can see lack of title tags or descriptions tags being an issue. Where does "too many links" fall into the grand scheme? I'd like to know how to prioritize our SEO efforts.
Thanks!!