is that no hub the same to interlining company then no use?
a ) You should have at least one destination where flights meet. Otherwise it will be of no use.
b ) Timing is of some relevance. If connection times between your and their flights are good (meaning short, but at least the minimum transfer time for the airport), your flights will prove to be valuable connections.
c ) Watch out for airports stating "transfer impossible" - when meeting flights of your interlining partner there, there will not be any positive effects, since passengers just do not change planes at these airports!
Hope this helps!