Search engines have generally taken up a policy of not penalizing you for what another site you have no control over does. If it becomes overly apparent that lots of link farms are linking to you, then in more cases than not you are somehow behind it, so that's not such a hot idea. If there are sites that Google doesn't approve of linking to you, generally they will just discount your link.
The "catch" in your original question is, quite simply, the quality of the links. The 240 one-way links you're talking about are almost certainly links within various B-list directories ... not too valuable at all.
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