I aslo a lil bit confused about link wheel after penguin update.As much as i have read about it some people says that it is good for seo but some says not good for seo.So it has become very risky,the one thing i came to know about link wheel after reading is that content should be genuine,informative,unique,should not be copied from any where then it can give you benefits other wise it will work as spam for you.If content is not good then it may give you results but after some time it will work as spam for you.....:)
One way links, also known in the names of Link campaigns, inbound links and backlinks, come under the umbrella term of 'Link building services' that refers to any hypertext link on an external website that links back to a page of your website.
This is a simple process where some sites process click-in links that leads to other sites or blogs. It can be mutual, that is when this link is exchanges or simply one way link. The one way link building is when a blog or site owner tries to get links back to his or her blog/site without reciprocating.
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One way links, also identified in the names of Link campaigns, inbound links and backlinks, arrive under the umbrella expression of 'Link building services' that refers to any hypertext link on an exterior website that links back to a page of your website. The principle behind this course of action is not just making a few value of your website to the search engine, but attracting relevant, quality and long-term traffic as well.
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As you know that what meaning of link building, in one way link building you have to link your webpage on someone's else webpage wheather in two way link building you create links on the others webpage and in the response the other's webpage link will crearte in your webpage.Means that your webpage will be link on the other's webpage and other's webpage will be link on your webpage.