>> ut could it be used against smaller sites than us?
LOL, yes
>> I know google looks at the text around inbound links, but would that trigger an alert?
Its call latent semantic indexing (LSI), but I don't know if it could / should trigger an alert. I could believe either way
>> Is there any danger that they could ever rank higher than us for our trademark purely on the basis of an inbound link campaign, and not on site content?
Absolutely. It's the concept that most blackhat SEO is based on : Google loves links, and aren't half as good as they *think* they are at evaluating them
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