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Yes, this can have positive effects for companies who are clean and honest in their SEO activities. This means that on topic links from on topic sites where that site has had on topic links from on topic sites will get a good boost. BUT this will also decrease rankings for poor quality, reciprocal-email-spam-linked sites which get as many links as possible from different sites as the anchor text/topic of the site linking to it will affect the "anchor text keyword density" of that link and therefore most likely the link will have caused more harm than good.
In my opinion this can only make Google's results much better and it cannot be abused more than it already is. So if they aren't already putting this in place like we have theorised in here - can anyone think why not?