I've got news for you. They already are.
There's no difference between reciprocal link exchanges and 3 way link exchanges in the eyes of Google.
Mathematically, a three way exchange is pretty much just as easy to detect, so they don't fool anyone.
You know how
PR works, right? It doesn't just come from the page that links to you.
It comes from the pages that link to that page and that pages that link to those pages, etc.
Bam. Your three way linking was just exposed.
In other words, a reciprocal link with a related website would be more beneficial to both sites than a three way with sites that have no relation to each other.
People who think a three way exchange is better on that merit alone have obviously not thought it through.

Bookmarks