Google has given another update on their link warnings, and it hasn’t really cleared up much at all. Apparently if you have negative links but didn’t know about them, you can ignore them. And if you have negative links and did them on purpose, you’ll get the warning, but you can ignore it. But if you get a new warning message, you shouldn’t worry, but you shouldn’t ignore it. It won’t affect the whole site but it will affect their opinion of some links to the site, so you’ll get a hit for some keyword phrases. So it’s clear as mud.
Read the full article here:
Google Explains New Link Warnings, Says Don’t Panic But Don’t Ignore