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A Post on the Search Industry Blog

Do Free For All Sites Hurt Rankings in Search Engines?
By Nathan Enns on Monday, December 28th, 2009 at 10:38 PM
If a free for all page links to your site then it will not hurt your rankings in search engines (probably won't do much else either).

If your site links to a site that has been flagged as spam it may hurt your rankings in some search engines.

What is a free for all page/site? It is just a list of links ordered by the date that each link was submitted without a search feature and without any other content.