Strategy for link

All things considered, (including user experience and PR routing) which if the following strategies would work the best?

1. Links page linked from homepage only. Single links page containing all outbound links under sub headings. Circa 100 links under circa 10 categories.

2. Links page linked from homepage only. One links page containing links to an individual links page for each of circa 10 categories containing circa 10 links each.

All pages contain more or less the same internal links via standard site navigation.

Cheers,

Dan

2, definitely 2.

Its even possibly a little better for those you link to as the category targetting would be better.

home page would work good but sitewide also get you some traffic directly from the site