It can cut both ways, honestly. Look at paid links in general. If you buy a link from a site called "BuyMeSomeSEOLinks.com" that has "paid links" 50 times on the home-page with pricing, you're going to get caught. If you and I meet in a bar, and you agree to give me $50 for a link on my site, you'll never get caught, unless a Google employee happens to be sitting in the next booth. Now, I'm not condoning it either way, but I'm just being practical.
I think the key is a certain amount of subtlety. Google definitely, as a matter of policy, frowns on overt quid-pro-quo when it comes to links. If you send products to bloggers and actively solicit links (especially if you post that information online), you're at decent risk. If you send product to bloggers and make it easy for them to review those products but don't push the linking aspect too hard, it's a bit different, IMO.
Case in point - I recently had a weird situation where Amazon accidentally sent me a wireless headset. I thought it was a gift, only to realize they just screwed up a different order. I tweeted about the incident a few times, and then forgot about it. Two weeks later, the CEO of Headsets.com sent me brand new Sennheiser headset with a note that he saw my tweets. He didn't push me to promote it or ask for a link, etc. Of course, being a marketer, I did promote it on social media and told the story. To me, that's just smart marketing on their part. Of course, it's also a risk - I might've never reciprocated.
So, don't be too pushy - try to be creative, and make the experience fun for people. Make it something the bloggers want to talk about - not just a free product, but a unique and positive statement about your brand. That's win-win, IMO.