... but what about their hat ?
Colgate are pretty good at making your teeth shine but they aint too hot when it comes to hiding their spam. Excellent commentary at SEW with a *superb* line from Danny Sullivan.
That's where I think it likely tips the scales into being a hidden link and against Google's guidelines. Expect them to be banned for a long period of time, anything from 48 to 96 hours.
When will major corporations learn that you should NEVER do dodgy SEO on an important, branded site. Spam away all day long on sites you are prepared to lose but never one that may get chucking in jail, if only for a day or 2!