After the Google panda updates in 2011 the link wheel count in spamming in 2012?

Not really as many SEO Experts claim. As per them, if Link Wheels created with correct methodology (i.e. through quality content without duplicity) will still yield same benefits.

According to me link wheel never counted as spamming technique, after panda update its better if you can use unique and genuine article for building link wheel. 

For me, it is still an effective strategy in 2012.
Panda is against low quality content and not link wheels. As long as you are providing good and diverse content on a certain topic, panda is not going to hurt you.

There are mixed opinions about the legitimacy of link-wheels since spammers do crazy linking for no other purpose than to increase their links.
But if you are linking some great quality content, it won't be a big problem.

I guess Google is still thinking about link wheel but not sure what action Google will take for it. Still Google considers this link generating technique as a natural one and gives few weight. If it is green signaled by Google then i think this is the best method for creating quality backlinks.

Its like many things, if you use them to build link wheels of good quality, you should be fine. Make all the links junk and it is going to come back on your site.

I do not think link wheel will be in spam. It is really good way to increase back links. You should get more benefits form fresh content with targeted anchor text. for getting maximum you have to close your link wheel.

HI.
No. WE can't count link wheel as a spam. If we use it in a correct manner means using unique and original article to build the link wheel.