Hi, I've come across many blogs who participate in numerous link trains purportedly to increase their Pagerank, Technorati rank and Alexa rank. I've always found them to be quite ineffective and "fake" if that's the right word. And if you look at it closely it has every characteristic of link farms, therefore it will do them more harm than good.
I agree... Seems like so many people are always looking for a shortcut. Even if something like that works for a while, it will eventually die. I always wonder why the people who put so much energy into that kind of thing, don't just take all that time and energy and put it into an legit site with meaningful content. As soon as I come to a site that looks like it's mainly using generic traffic increasing tactics, I move on.