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Doesn't really matter, the only ones who bother with barmy schemes like "3 way link exchanging" are ones looking to fool the search engines.
So:
a) the sites involved are going to be "poor quality"
b) the links will do very little in terms of sending traffic
c) eventually some of the sites involved will become banned or penalised which will filter through to the rest of them.
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Chris. ->> Links are advertising NOT optimising!! <<-
A foolish consistency is the hobgoblin of little minds
Thought for today:- I SEO the only industry where all the cowboys are Indians?
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