Linkwheels going to dead sites?

I have been playing around with a wordpress blog because I like to keep my money site blog more professional and very on topic.

So I started searching around similar tags on wordpress to comment on posts, I found a linkwheel, more likely a pyramid that eventually (~4-5 tiers?) leads to knol as the article that has 2 out of 2 links going to the M$. Now that knol is going away shortly, does this mean all of that backlinking is wasted? Or does the chain mean this looks more natural?

I am going to try building a linkwheel with non spun content and I would feel pretty awful if I spent all of that time to have one of the sites go away and all of that time be wasted. Any thoughts? Or is this just a big waste of time to do this?

if all links pointed to knol links, then it will be a waste when knol will closed its door or knol link will deleted or removed.

I think you answered your own question. The link chain is disconnected and you just lost the juice. I would invest in another strategy, perhaps scraping the knol before the end of April and doing some spinning with an article campaign.

By the way looking at the Google announcement the migration from knol to Annotum definitely sounds like the links will be lost and that only the text is saved.

A good link-wheel will give you a quick boost. It can beat Google Panda..

Definitely good and relevant link wheel will never go in vein. It will give you good result.