Robert_Charlton - 5:42 pm on Sep 27, 2009 (gmt 0)

...then you can create a stream of independent traffic.

Even with the original content that's not "right on" in terms of keywords, the obviousness of the linking setup, IMO, is still going to be spotted as a mini-link network, which is spam.

See Google's Webmaster Guidelines [google.com], and in particular what they have to say about link schemes [google.com].

However, some webmasters engage in link exchange schemes and build partner pages exclusively for the sake of cross-linking, disregarding the quality of the links, the sources, and the long-term impact it will have on their sites. This is in violation of Google's webmaster guidelines and can negatively impact your site's ranking in search results.