In my experience sites on the same IP are OK to interlink applying the same relevency and quality criteria as any other linking arrangement.
We have (or should have ) known for some time that introducing links from any site or directory regardless of quality or relevence will not help and in fact may be to the sites detriment. This underlying principle of quality and relevence is the same when on shared IPs. Sharing an IP in no way diminishes the value of quality relevent links. It does however drastically increase the detection rate of CONTRIVED links for links sake.
At a search engine conference once, the rep from Google told me more or less exactly what I have personally found since and describe above.
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