220 links on a page is absolutely not too many on any level. Many of the highest ranked sites on the internet present more then 220 links.
The particular page is question is simply a sitemap, and the page is being offered to help users navigate the site. The VerizonWireless.com sitemap I shared has 370+ links on it.
The SEOmoz "warning" is a simple feature which will be set off on any internet page with 100+ links. The SEOmoz tool does not care how well those links are presented, whether they are footer links, whether they are on a content page, what the PA of the page is nor any other SEO factor. It is simply a >100 or not warning. As such, it offers very little value.
I am in the process of compiling a list of suggested features for the tool which will help improve it's usefulness. One of the feature recommendations I am proposing is to allow users to adjust the 100 count to any number they want. Each SEO can then choose to use the default 100 number, or use a number more suited to the particular site.
The link Alan shared is a nice explanation of PR flow. It is a nice page for learning PR, but with respect to this topic it over-complicates an otherwise very simple and straight-forward question. The simple point is, the more links on a page the less link juice will flow to each link.
The goals for any web page links should be as follows:
1. Ensure all links are useful for your site. For example, you probably want PR flowing to your most profitable product/service, and to your latest additions.
2. Ensure your links are actually used. Check analytics.
3. If a link is not used or not useful, remove it.
4. Along the lines above, your links should be presented in a very user-friendly manner. You don't want a page to look like a list of nothing but links as users will have a difficult time choosing what they want. An exception would be a sitemap.
With the above in mind, keep as many links as you see fit on the page. If it is 40, that is fine. If there are 250 links on the page, that is fine as well. When you start down a path of chasing numbers such as forcing your content into "500 words" or forcing your links into "100 maximum" you fall into a pit of SEO fallacies. You are not providing the best experience for your users nor SEO.
TL;DR - Provide your links in a manner which is visually appealing, non-spammy and helpful to users. Keep in mind your need to flow PR to important pages such as your money pages. Otherwise remove unnecessary links. Whatever that number of links is, so be it. Don't try to fit your links into a "I must be under 100" or any other number mindset.