Recently, I heard about Link Wheel concept, What exactly it is and how does it help in Search engine optimization.
link wheels are basically a network of web 2.0 pages that is interlinked between all the pages. for example, you setup 20 web 2.0 pages on various web 2.0 properties and link each page with one or more pages within the network. it is not suggested to use a link wheel linking each page with one or more pages. it is pretty obvious as to what you are trying to do and Google will figure it out sooner or later. if you want to build web 2.0 pages, then by all means go ahead and link only to your main site. heavy interlinking between al the pages will make the pages look like a network or link farm which may lean to Google penalty
I have been looking into these a lot lately. The question being to buy them as a service, buy software to create them, or simple do them by hand.
i dont think there is any sw that will setup link wheels for you. its more of a manual process. you can buy service for it if you want to but make sure you buy a service that will give you decent size articles. not 200 - 300 words of junk spun content on 10 or 20 web 2.0 pages. unique and quality content is the key. or you can just write the articles and setup the pages yourself. its easy to do that, all it takes is your time. most welcome
I would stay away from them. Using link wheels can actually penalize your search engine rankings. There are plenty of other good ways to build backlinks.
These link wheels build backlinks to your website's main page, which give your website a higher search engine ranking. If you just use it for your main page, you should be fine. But if you're in doubt, just go for the normal linkbuilding methods, submit yout site to directory sub sites like easysubmits.com, write articles for ezine or ehow, do some social bookmarking etc
There are plenty of link wheel diagrams floating around. I think the best approach is to keep things random. Don't have each of the link wheel sites pointing to your money site. And build link wheels around your link wheels. Approaches that are too organized are easy for G-man to sniff out.