That second link will still help you because it will pass extra PR to that page. But in terms of anchor text, most of the experiments I’ve seen show that the second link’s anchor text probably doesn’t help. That being said, Google is more sophisticated than when a lot of these came out so they may count both anchors. But to stay on the safe side I recommend adding keywords to navigation links if possible.
This post and the Skycraper technique changed my mind about how I approach SEO, I’m not a marketing expert and I haven’t ranked sites that monetize really well, I’m just a guy trying to get some projects moving on and I’m not even in the marketing business so I just wanted to say that the way you write makes the information accesible, even if you’re not a native english speaker as myself.