>Does this actually work?
After much research:
No, it actually doesn't work as advertised. The reason is: Google already IS AWARE of all those pages linking to you, it´s just that when you do the link:www.yoursite.com in Google to see how many sites link to your, only the sites with a page rank of 4 and higher are listed! So linking to all the other sites that link to you will boost their rank only minimally. Thus this method doesn't really do anything to boost your rankings.