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I like the wheel too, but as someone viewing posts that already have a full wheel there's little reason to click on the wheel. Does it do anything?
If you click the wheel on a link, it will push that link out to all your followers, along with links you post yourself. If you click it on a comment, it just adds a 'spoke' to the wheel until it fills up...after that it doesn't really do anything (again, just on comments, not links), which is a very good thing IMO :)