Link wheel is one of the best ways of building links in the most natural way and Google will love your website just for that. Link wheel basically is a process in which you build a dozen or so new blogs/web pages using web 2.0 properties such as squidoo, blogger, hubpages and etc, all on the same topic as your main blog or website. Link wheel is certainly the most powerful way of making use of the power of multiplication to build links for your website. Link wheels are nothing but a group of websites that are interconnected which try to improve the ranking of a target website by linking to target website.
Link baiting is about writing content in a website, which arouses the interest and curiosity of others. It is such a content which other sites love to link because they feel that it should be linked and not because you are asking them to link it. Link bait helps SEO in many ways mainly by link building. Link bait helps to get more links to your website and it increases the chance of your website getting indexed by search engines.