I am actually not going to tell you much about this, other than it is totally legitimate and could act as a source of high quality links and trafffic… the type who not only might click through to read what you say, but also write about it.
It is slightly old school, but not talked about, in fact most people just talk about doing this in reverse, but both ways can be effective. Take a look at this PR Stunt.
I actually applied only recently for Tino Buntie to add my name to the 2000 Bloggers collage. I thought it was a cool idea, although the SEO benefit is probably minimal simply because although massive cross-linking is happening, it could be looked on as:-