Yes its amazing how BMR goes down and everyones panicked. I guess the moral of the story is link building the old fashion way is always the best way.
Anyways I understand that if you have your own small network of blogs linking to each other is not beneficial and without link juice its means nothing but I had another strategy in mind by not using the blogs to link to your own sites but rather 3 way linking outside of your network using the blog as leverage.
At the end of the day its a long road ahead and can be costly to run a bunch of blogs let alone 30+.
Thanks for the 3 great links Nakul especially the one about google making liars out of good seo guys.