we should also link to other pages other than the homepage and even try to slot in a few misspelt anchor text links and even some url based links. we took a knock with penguin recently but since we changed some of our anchor text our rankings are slowly improving.
still trying to figure it out, ultimately these guys want us to have as much content as we can. Its now a bit difficult to finish the conversion process of a particular product or service within facebook unless you develop an app for it.
Your keyword density is certainly something you need to keep track off so as to avoid looking spammy with your on page optimisation. You can try seomoz's on page term grader when looking into optimisation of your pages
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