Creating a link exchange of any sort designed to increase your page rank is a violation of Google's Webmaster Guidelines (See the Quality Guidelines section of http://google.com/support/webmasters/bin/answer.py?answer=35769and also this page in their guidelines http://google.com/support/webmasters/bin/answer.py?answer=66356). You might get away with it forever, but if caught you can be penalized. Such exchanges can be detected algorithmically simply by looking at Google's link/citation graph. Like anything that is a violation of Google's Webmaster Guidelines... proceed at your own risk. Be prepared to do the time if they discover your crime. If it's a disposible domain have at it!
Neither the 3 way, 4 way or any way link structures are allowed by the major SE. The point is that the knotty structures can't be traced so they are considered as 1 way by the algos.
google easily detects 3way links network and treat it as reciprocal link. there are no bars for these links in search engines.
Hi, Well even ONE WAY BOUGHT LINKs are not allowed , ONE WAY NATURAL FREE LINKs are Ok Well 3-way is also same case But well as told by many it can be caught or couldnt be But if you do it very well make sure your IP's are drastically different on different host / servers , Also different WHOIS and everything which is drastically different then it will help Thanks,