Creating a network of micro-sites for the sake of link power manipulation is an illegitimate technique; hence it has become risky to interlink your own websites even for very “white hat” purposes (e.g. to let your readers know about your other relevant sites). Nonetheless, link building with micro-sites can be a highly effective technique if done correctly.
My main idea is that creating micro-sites around your main web resource is not necessarily done for the sake of interlinking and spreading the link power. When done wisely, the strategy can aim at multiple great purposes:
Build link power of several resources simultaneously ( = if the microsite is closely associated with the main site, many webmasters will link to the both resources when talking about either of them). Michael Martinez in his recent post on one-way link building put it greatly: