How search engines see online dictionaries?

Just interested how a la dictionary on the web page affets search engine. For example I want to make terms directory of specific area on my page. I have 3 choices:
#1. Alphabetical grouping A|B|C|D|E with anchor linking to the first term of this letter. All terms are without links and placed in one looooong page. Example www.pokernews.info/en/pokerterms.html
#2. Alphabetical grouping A|B|C|D|E with anchor linking to the first term of this letter. There are some interlinkings abong the terms and sometimes links out of the page. Terms are grouped in one page for one letter Example www.planetpoker.com/games/dictionary/vocabb.asp
#3. There are all the terms grouped by letter with links. One term - one separate page with simple address (for example domain.com/dictionary/term-1.html). Term definitions can be commented by both registered and anonymous visitors (of course, comments should be approved be webmaster to become public). There are some links to other terms in each term's definition depending on keywords. Example - well, I didnt find in first 3 google search pages for keyword "poker dictionary".

These three scenarios has their PROs and CON's but in my opinion No.3 should be the best way to make a dictionary. SE would see new content all the time because of visitors comments, more links, more titles with different keywords. Also there is possibility to reduce kwd density of the most popular kwds, good relevance.

The fact that I did not find something similar as described can be understood in 2 ways: bad and nobody have done it; good, because still nobody have done this.

What are your ideas?

It sounds like a glossary to me. If each term has a considerable content, u could make individual pages, but if not, maybe you can make 26 pages with one page for each character.

That means you create a page for A and it has all terms starting with the letter A and so on !!

Thank you for suggestion.

The definition of each term is not very big and could be changed not so frequently, but if we will do the possibility to comment each term, so all the time each page's content will be edited. In such case, I think about page-per-term glossary. Am I right?

I think I found the equivalent of the third case
http://www.pokertips.org/glossary/glossary.php

Please, share your opinion about my first post.