The linkwheel is a lot of work if you are doing it for indexing and ranking purposes. It seems like you can't get away just spinning articles and posting to article directories then link to each other. You have to make content that is value to your visitor. You can post to these directories but it has to be good and not something for your linkwheel. Write good content, then people will want to click through to your site. That's what I found to be effective. It will take awhile but it works and once you get near the top, you pretty much stay there.
This is the traditional way. But I heard that we can also add out link in our twitter profiles and gain a backlink right away. No guarantee that it can be indexed right away but a backlink is still a backlink.
Seems like a lot of work just to get a couple of backlinks or indexing. I guess if you have time go for it.