What you are referring to is link triangles. It's black hat, and punishable.
You clearly want to perform a link exchange, but you know the links would be discounted. In order to manipulate the system, you link to another site to avoid the link exchange.
The bottom line, it is a search engine's job to determine which web pages are the most relevant and reliable for a user. Links are a large part of their calculations. Anything you do to muddy the waters and make it difficult to determine whether a link occurs naturally, or it is paid for / exchanged, it black hat and would be subject to consequences upon discovery.