I've built linkwheels using Angela's backlinks before with NO content.
Example: Let's say I was targeting the term "Electric Knife" on my site.
I would fire up a profile from Angela's backlinks and work the two terms into a short "bio" of my fake persona. Something like:
"I'm a self-proclaimed cooking expert who ended up making my own line of kitchen knives. While I think my triple forged steak knives are the cat's meow I seem to sell a lot more of my revolutionary electric knife that makes turkey carving a breeze."
I copy this line into the Bio or About Me section on every profile that has one of those sections (not just a links section). I always link the term
"electric knife" to the site I'm promoting and the term
"kitchen knives" to the next site in the link wheel.
As to the details, I'll usually do this on the fly as I go through the packet of the month. I'll keep the link to the money site the same for that month's packet. So if I'm using the term
"electric knives" this month and pointing it to the homepage, I'll be consistent with that for the month. Next month I might go with
"Steak Knives" and point it to a subpage...but I would be consistent with it that month as well.
The "wheel term" I'll switch up though. In our example above I might switch between
"kitchen knives" to
"carving knives" to
"pairing knives" as I post up the links.
Anyway...you can see that there isn't really much content at all and in theory you could do this without posting anything to the provile at all except the two links!
Anyway, this has worked well for me when I take the time to do it (I don't always do so...but I should) for rankings of the money site, so I think that duplicate content is not an issue personally if you are just looking for link juice to your main site...but it never does any type of "Top 10 Domination" like JVMarket's more advanced approach is designed to do.
Another downside to this is that if any of the site administrators for the month nuke your profile, then the link wheel is broken...so you have to go back through and check. If it's broken, you have to close the loop.