One of the best posts I have seen about the hazards of three way links. Often times, you will see websites or now a number of online newspapers that still except blog posts eventhough they aren't making any new posts. These offer little if any value to website owners. The best links will always be with those sites that are growing and building. The bots are more likely to revisit the site and see your link and also increase the change you will get visitors to come over to your site. Basically, I am saying this is a bad way to try to game the system.