Yeah, "Link Wheels" are an awesome search engine optimization strategy to improve your search engine rankings but the content should be original.
Link wheel is the best way to promote your website because this is all type keyword circulation and also you added a blog link so this is best and easy way to created a backlink....
link wheel is not much useful at this time after Google update but it is beneficial for us we can use it for back links.
At this time Linkwheel isn't work because user don't want to go via to via proper website for any purpose. So, at this time penguin update say not like Linkwheel.
Link wheel is very important to SEO. It creates links to every site in such a manner that look like wheel. Suppose we have a video for website xyz.com, and i upload it on utube. some body share it on twitter and Facebook . here people like it and share it to other website. So by single link we create many links and thus it all affect traffic on our website.
The Internet resembles like a huge spider web, properties that link on one another. Some say link wheels are dead others say otherwise. IMHO links wheels are here to stay because it's how the Internet works. When you're at it, remember to diversify everything and grow your links as natural as you can get.