A Google Groups user is afraid that his PageRank was impacted because of too many links on his homepage.
Before you wonder whether there are search engine penalties, think about those links from a usability perspective. Are they helping your visitor or making it difficult for them? PageRank is not the issue here but more about how users are going to benefit. Even if your links are categorized, if there are too many links, it's still a pain to use.
As for this user's issue with PageRank, it doesn't hold weight. Inbound links are the metrics primarily used to weigh PageRank. As Google's Bergy says, don't worry about those green pixels!
Most PageRank changes are not the result of actions of the webmaster; rather, they're typically caused by changes to the quality and number of incoming links that the webmaster has little control over. This is why many folks in the group (myself included) have encouraged other webmasters not to worry about the little green pixels.
So at the end of the day, the issue here is that the links should be beneficial for the visitor. PageRank is not part of this equation.
Forum discussion continues at Google Groups.