Hot test coming from SeoMoz.org 3 days ago: if there’s 2 links on one page linking to the same page, the anchor text of the second link is not taken into account by Google. Wow, this is huge!
I’ve been able to confirm that on this page: http://www.seorefugee.com/forums/showthread.php?t=7572
This page has 2 links toward the site chemistryprimer with two different achor texts: bortlebotts (the first link) and gumbnunnies (the second link).
Notice how the site chemistryprimer is only showing here:
but not here:
This has a lot of implications with horizontal menus, ecommerce sites (which has product lists showcasing multiple links to a product page such has “more details”), breadcrumbs, etc.
Worst, if you “no follow” the first link, you lose all anchor texts!
But what happens if the first link to a page is an image? Does Google consider the Alt? Here’s our own little experimentation. I’ll write in a couple of days with the results: