How to organize link pages and keywords?

Hi there,

I am looking for a better method for designing a website with several pages dedicted to different topics.

Which one is better?

Create a different exchange link page for each topic page and then put an individual directorylink to the lexchange inks on the individual pages.

Or is it better to have just one large link page containing all the different keyword links?

I believe that the major search engines would be happier if it was all in one place as opposed to spread out...just based on the path of the spider

Jason

from what little i understand on SEO, spiders LIKE links. especially relevant ones. So have good relevant content, and then external links are beneficial. as to where they are located, or how deep, im not really sure. i'd imagine the more top level the content is, the stronger it is.