This is very interesting. I created a link wheel for a customer last week. He had a highly competitive keyword phrase. We got the #1 position in Google with only 7 different properties! We did not use any spam. I do not believe link wheels are black hat. My opinion of course.
In addition, my client has 2 of the SERPS on the 2nd page. He also ranks well for many variations of the keyword phrase.
All the properties were professionally built and will last a long time. All my client has to do is post from time to time in his properties and ping. He should end up dominating that 1st page.
My client had a very Merry Christmas as he sold allot of product.
Saying this, there are certain aspects of this link wheel that I like and may incorporate in the next linkwheel that I build.
Frank H. and Team Philippines