i hear a lot about link wheels and how they're bad for business. How there are rumors that you can get penalized for using a link wheel as a backlink method (linking from various web 2.0 sites and linking them together). Well would it be a dumb or decent idea to setup a link wheel normally, backlinks on web 2.0 sites but not have them linked together? like a normal link wheel goes, wordpress links to freewebs, freewebs links to livejournal, etc. but don't have them linking to each other?

ideas? thoughts? thanks in advanced!