I use linkwheels for my local clients all the time. You can link to your main site as many times as you want from your satellite sites(by this I mean 1 link from hubpages to your main site, 1 link from squidoo to your main site, etc) The main thing is that if you want those wheels to stay for a long time use quality unique content for each web2.0 site . You can very your anchor text if you want , but IMHO you would not be using the linkwheel around a certain keyword phrase to its full potential.
Linkwheel
1 keyword phrase used as the title and anchor text , one-way linking to each other while at the same time linking to your main site . Ping everything. Add video linkwheel . Ping, Bookmark Linkink cloud, ping.
If you need more juice, article marketing cloud (unique content, same keyword phrase,etc)
Get creative, from my experience , if you remember one-way links inside your linkwheel , and unique content you`re good to go.