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How would that work Bill?
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It's not gonna work.
Cheap trackback links have very little weight SEO wise and if you get aggressive then the network becomes exposed. You need a link from a trusted site to rank high - I asked 3 bloggers link to a post of mine - one link from a TBPR 6 blog but it didn't have much impact. I asked a well-known SEO to link to me from the domain root of a few of his old, trusted sites and that boosted my ranking from 9th to 3rd.
A group of splogs linking to each other is not gonna outrank tens of thousands of recip links pointing to LLs. Why? Because you can only trump quantity with quality - so unless you're ready to publish 10,000 posts and trackback every one of them its not gonna happen. Now, you can build up link popularity that way, but higher PR just by itself won't translate into higher rankings. Plus if you have only a dozen bloggers swapping links the entire network will be flagged as spam or links devalued for excessive reciprocal linking, especially if you're blogging shit no one wants to link to in the first place. If you do it with a real blog, you're just going to piss off RSS subscribers. If you avoid that by linking less aggressively, you minimize your ROI.