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A webmaster asks WebmasterWorld if hyperlinking terms on a single page to link back to that page is considered spam. His argument is that it shouldn't be construed as spam if it's only being used for emphasis.
However, the majority of forum members feel that on-page hyperlinks, in excess, are spammy practices. Further, some feel that it does not create a pleasurable user experience because they'd be clicking on the link and wouldn't go anywhere.
emphasizing is not bad, over-emphasizing is spam.
He is advised by many members, including tedster, the administrator of WebmasterWorld, to remove the links. londrum says that there is no benefit to internal links.
the benefit that you get out of [internal link text] is practically zero. the text on links coming from other sites to yours is still pretty important. but internal links aren't worth all that much anyway."
Forum discussion continues at WebmasterWorld.
