For everyone being sceptical about the method, I have read it on other sites as well so I think it does work, I am trying it out myself now. HOWEVER, let me tell you now that Wikis are wising up quickly to all the spam submissions being sent their way. I bought some lists of wikis from Fiverr and I had a list of 20000 wikis, only about 6000 of them managed to be found by Ultimate Demon, and when you submit, a crazy amount of them do not work due to the login or submit pages not being found. If you want to submit to 20 000 wikis today, you will have to submit 4 different types of content, and then you might just have a success rate of about 10% for the actual submission.
I am still trying it though, I can't think of anything else to do. The problem, as someone pointed out though, is that there is a difference if you start out with let's say 200 links, of which the majority anchor texts are money keywords. If you build 50 or 70 URL or brand type keywords from web 2.0 properties to your site, you would have diluted your anchor text quite a bit.
However, if you started out with 1200 links, of which 600 are dead (due to blog networks being deindexed) and the rest are high keyword density and low URL, then you have a double whammy problem. Google doesn't like dead links (over 50%) and some people (Dori Friend, I think, or was it Micrositemasters?) think that this is one of the penalty indicators; and the remaining links (600 or so) are too much for 50-70 web2.0 links (even all naked url) to have an effect w.r.t. diluting the anchors - that is just what I think, still have to try though. For this particular site this might have to be done more than once....