there is no better link wheeling process. it is a spam method where you build a network of blog pages interlinking with each other. google eventually will find out that you are getting links from networked sites and may penalize your site. if you want to build web 2.0 pages, then thats great but i would suggest you to build stand alone pages not interlinking with another page.
Yes, you are right, just put only one link in the body of article so that it won't be considered as spam.
Link wheels are dead. Concentrate on building one-way high quality backlinks to your site. Link diversity is key.
i am still confused to understand the linkwheel process, have you any example of web 2.0 link wheel submission then suggest me.thanks
Some people say its good and some people like above poster say its spam . so i think we should not try this. There is lots of other effective techniques.
I suggest you stay away from link wheel method. Because Google can find interlinking in between one site and other site. However, the web 2.0 is still powerful as backlining, but don't interlink between one web 2.0 site to other web 2.0 site.