Is Biip.no artificially inflating their link popularity?

Now, normally, I wouldn't pass judgement. However...well, they nuked their link to us (as I thought we were compatible sites, and their audience could benefit from our Q&A while our audience, in Norway, could benefit from their more robust social networking offerings)...but, since we're no longer working together, I'm curious.

http://www.tixper.com/resources.php

Doesn't that scream "search engine spam" to you?

1) Adsense - check
2) Links to 3rd party sites filled with keywords - check
3) Links to 3rd parties are way below the fold, off topic of the content of the page - check.

Am I being unfair? Perhaps, it's not my job to say who's gaming the system - and who's playing fair.

What do you think? Would you call that "spam" or not? If not, why not?