No, that's not quite what I meant. The sites I am running are in Spanish - there is no point in webmaster local targetting for these because if I say "Spain" then I just wiped out the whole of Latin America! Etc.
This also applies to the domain, all my competitors and me are .coms, precisely because no one is trying to target only one of the many Spanish speaking countries in the world.
All I mean is - if I get an anchored link somewhere, does it really matter if it's on a page in Spanish or a page in English etc?