Do you think it would be possible to use the mhchem package and their arrows (e.g. <=>>) in drawing a cyclic kinetic scheme such as :

or do you think it would be better to use a different package?
Do you think it would be possible to use the mhchem package and their arrows (e.g. <=>>) in drawing a cyclic kinetic scheme such as :

or do you think it would be better to use a different package?
It is not possible to draw such schemes with mhchem but as Twig has already noticed chemfig can be used. To expand a bit on Twig's answer and chemfig's possibilities: the \arrow command is the important macro here which is only valid between \schemestart and \schemestop. It has lots of arguments so here is a quick overview:
draw an arrow and call the starting node a (before the arrow) and the ending node (after the arrow) b:
\arrow(a--b)
draw an arrow between previously called nodes a and b:
\arrow(@a--@b)
draw an arrow of type <<-> (there a lots of others like ->, <=>, <->, ... ) with text above and below:
\arrow{<<->[above][below]}
draw an arrow with angle 30 to the horizontal and with doubled length (whose default can be set for the document or the current scheme):
\arrow[30,2]
These arguments can be combined. The following would draw an arrow of type <=> with “above” written on it and 1.5 times the default length with an angle of 30 degrees to the horizontal starting from node a, calling the node after it b:
\arrow(@a--b){<=>[above]}[30,1.5]
There's actually more but I believe this should suffice for a quick demonstration. The details are all explained in the manual.
Now at last one possibility for the scheme shown in the question using most of the features:
\documentclass{article}
\usepackage{chemfig}
\begin{document}
\schemestart
Aa
\arrow(A--B){<=>}
Bbb
\arrow{<<->[$10$]}[30] Eeeeee \arrow(--D){<<->[][$20$]}[-30] Ddddd
\arrow(@B--C){<->>}[-30] Cccc
\arrow(@C--@D){<->>}
\schemestop
\end{document}

Here is a partial answer, the chemfig package is good:
\documentclass{standalone}
\usepackage{chemfig}
\begin{document}
\schemedebug{true}
\schemestart
A \arrow{<=>} B \arrow[-45] C \arrow[45] D \arrow[135] E \arrow[-135]
\schemestop
\end{document}
, however there is a problem with the double arrows on the square bit.
Edit: Problem Solved
\documentclass{standalone}
\usepackage{chemfig,siunitx}
\begin{document}
\schemedebug{false}
\schemestart
A \arrow{<=>} B
\arrow{<->>}[-45] C
\arrow{<->>}[45] D
\arrow{<->>[\SI{20}{\Hz}]}[135] E
\arrow{<->>[][10]}[-135]
\schemestop
\end{document}

mhchem. See http://tex.stackexchange.com/questions/52722/can-you-make-chemical-structure-diagrams-in-latex/53572#53572 for some options. – Torbjørn T. Feb 04 '13 at 18:08