There has always been this myth that Google and other search engines cannot crawl or process more than 100 links on a single web page or document. That truth is that Google and other search engines can and do crawl over 100 links per page.
Yes, the Google Webmaster Guidelines page says keep it under 100 links per page. But the reason behind Google adding that as a guideline is for usability purposes. Typically, a web page with over a 100 links can be extremely cumbersome for your users. So if you keep the number of navigational options to a bear minimum, your user will appreciate it.
Now we have a Googler even telling us the truth on this matter. In a Google Groups thread, Googler, JohnMu, clearly stats Google can handle 100 or more links per page. He said:
Just for the record, we can process more than 100 links per page :-). We do however recommend the limit of 100 because it generally makes sense for users (and search engines).
This probably comes to no surprise to most SEOs and webmasters, but it is good to have this from the horses mouth (so to speak).
Forum discussion at Google Groups.