In last months I got a lot of link exchange requests. Some of them was 3 way link exchange request. 3 way link exchange means that site A links to site B but site B doesn't link back to site A (like in regular link exchange) but to site C.
The reason why some webmasters do that is simple - google doesn't give to links gained by link exchange to much value.
If you want to make 3 way link exchange be very careful. I got many request when webmaster asked me for a link to his primary site (and very quality site) but offered link back from low quality site. Here is an example: http://www.hostingobserver.com/ - look at this website. There are no useful information, it is nothing more then linkfarm.
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