Currently only a n:1 linking is possible. It would be very useful for building an information network to be able to link unlimitedly in both directions (n:m linking). This is already requested in [181] "allow multiple links per issue" (http://bugtrack.crmdesk.com/answer.aspx?aid=9735).
But I think this can be used well, only if you could give the links a name, i.e. define the relationship between the linked and linking records (e.g. "refines", "replaces", "duplicates", "requires", "implements", "specifies", ...).
Each record then would need to have a list of linked records in both direction, presenting its relationship to them.
As a further step, you can think of using this relationships to generate traceability/coverage diagrams, reports.