You know, in a perfect world, that would be the best case scenario. But, our world is not perfect and after reading through the patent and then the verbiage used to promote the patent, I'm happy I never went down the "automated link exchange" path. Google, see what you created? You have all these little monsters out there and its all your fault. ;)
Most Webmasters are not making linking decisions based on what is good for the user. Most are making decisions based on what is going to get them to the top in Google, Yahoo! and MSN.
Also, all that whitehat/blackhat verbiage is going to come back and haunt you one day. There are no hats in this industry.