am hoping some of you may have some ideas when it comes to link wheels.
If you go over to eHow.com and Hubpages.com and search on the term "link wheel", you will find a couple of how-to's.
In reality, that link exchange does neither site any real good. It's simple. Each link is only there because they were exchanged.
Bold is mine. Let me offer a different opinion because I don't agree with this statement.
The power in exchanging links lies in the control you have over the anchor text used and where the link points. You dictate what the link will say and where it points. Smart webmasters do two things when they swap links:
1. They exchange links with sites within their industry niche or a complementary niche and
2. They use keyword rich anchor text links and point them to pages on their site that have been optimized for those keyword phrases.
Should you swap a link with a site totally outside of your industry? Won't hurt but:
3. These links won't drive targeted traffic to you, visitors to those sites are not interested in what you're selling so they won't click
4. If they're hosting your link the chances are good they're hosting a lot of other different links which means you will derive little link popularity through the link.
5. Off topic links look stupid on your webpages.
6. You are in control of whom you link to. If the partner site is "bad" or associated with a "bad neighborhood" that will reflect negatively on your inbound link popularity, and domain credibililty.
Is it worth that to swap a link outside your niche? Do you have the time to check each of your exchange partners out? Only you can make that decision.
A link is still a link is still a link... you will receive some link popularity from links swapped with off topic sites provided the links are clean (not using nofollow/noindex/no whatever) but not as much as a one-way link (or a reciprocal link) from an on topic webpage.