Hum, no. In fact, the moment you send stolen coins to an exchange is the moment you can get caught and linked to a personal identity. In the method I described, stolen coins would be tracked by the Bitcoin client, including the clients used by exchanges/merchants to receive payments.
I don't see how. All you do is create a fresh wallet, send the stolen coins to the fresh wallet, then send them to your wallet, and then to the exchange. How can anyone tell that this is any different from you receiving the coins legitimately?
If you start hounding people because they received bitcoins that were stolen a few transactions back, you reduce the usefulness of bitcoins to near zero. Consider:
1) You place an ad to sell some widgets for bitcoins.
2) Someone accepts your offer and sends you 10 bitcoins for the widgets.
3) You see that most of those bitcoins were stolen 10 transactions back 10 weeks ago. But you have no idea if the person who sent you the bitcoins did all 10 of those transactions between his own addresses and just waited 10 weeks or if the bitcoins have been in circulation for 10 weeks.
4) If you accept the bitcoins, and so does everyone else, then anyone can easily launder stolen bitcoins through you. If you do not, and everyone else doesn't either, the bitcoins become useless -- two weeks after you accept some bitcoins and send the widgets, you may find your bitcoins become unspendable. So you can't safely hold bitcoins and we all play hot potato with them. Yuck.
And, worse, whether you keep them or send them back, if you're not careful, you can easily contaminate your own bitcoin stash with the tainted coins.
While I certainly agree that forensic tracking of the stolen coins in the hope of identifying the thief is a great idea, trying to stop the spread of the coins will never harm the thief anywhere near as much as it harms legitimate users of bitcoins and the bitcoin system in general.