Link Count Decrease in GWT? Don't Panic
The link report within Google Webmaster Tools is showing lower numbers recently and it is causing some mild panic among the SEO community.
There are reports in several industry forums and one Google Webmaster Help thread in particular which confirm the system-wide decrease in reported link counts. Most, however, don't seem terribly concerned.
It's important to keep in mind that Google doesn't actually show every single link pointing to a specific website in Webmaster Tools. The link count drops have happened several times before so it may just be a glitch or it may be that Google is cleaning up and consolidating its index, making improvements to how it gathers and thus report link data.