As you all know link exchange is very effective seo techniques, but it is effective only when it is done correctly. Link exchange with a bunch of small sites together also shows up easily if you do not have a bunch of different external links pointing into your link network.
Many search engines also have the ability to depreciate links from the same block IP range or from the same owner. Make sure if you do this you register your domains through a proxy, use various hosts for different sites, and get a bunch of links pointing into your sites.
If you create link networks and do not have original useful content on each site then you are taking a risk that your site may be removed from search results.
Some people also use automated bots to clean the web for links. They still work some, but they really bother some people and can destroy your branding.
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