Its true. Three way links work perfectly and so do reciprocals. Google says not to engage in excessive reciprocal linking. So a few reciprocals won't hurt you in fact they will help a lot. Just do not go overboard. That's why Google hates them because they work. By the way, the guidelines say do not interlink more than 8 sites you own so you can even interlink your own sites. Anyone that says three way links do not work does not know SEO or at least sucks at it. Stop the Google paranoia and focus on getting links, writing good content and make money.
I bet you have... I bet you have done some two way linking as well. Why do I say that? Well, if you have ever blogged about Digital Point, and then linked to your blog here on DP, well, that is a reciprocal link. Likewise, if you have linked to any site that has linked to any site that has linked to you, well, that is, in effect, a three way link!
One of the main keys is to make sure that you dont link to sites on teh same ip as you .... sure way to get you banned by the Big G ...
I would not worry about three-way linking. I would worry much more about: Where you are linking to (quality resources vs. spam) Where links to you appear (in-content links vs. sidebars/footers/link pages)