Would This Work Instead of Link Building?

So, we are probably all in agreement based on recent WF posts this week and presentations at sxsw that, seo efforts through traditional link building (article marketing and spinning to get links, guest blogging with sig line with link on small unpopular sites, directory submission in small quantities per week, mass blog commenting, and pretty much any possible way to get an actual link back to your site with anything other than rel=nofollow attached to it) has come to an end.

But, what about this?

One of my favorite types of blog posts to make is where I'll make a blog post on my own site as a rebuttal to someone's post on another site. Of course, I post a link to the site as a reference. Nothing new there....

But, what if we were to assemble as a group of like-minded individuals to form a sort of private underground network where we write blog posts on our own websites...citing other blog posts within the network?

I don't see there would be anything wrong with that in google's eyes because, heck, one of their big criteria for better serps is that your blog posts are shared with others. So, this would be a matter of sort of "salting" that process to get the sharing going.

The way I see it, we're all sharing blog posts and tweets and likes with content we come across online anyway. This would be the same thing. It's just that we could make our little network of sites the first place we go to when it comes time to add new content to our own blogs.

Kinda sounding like buggs bunny, sorry. But, whaddyall think?