[Cornbread]

Another myth, link exchange is definitely not dead. I think we get so hung up on SERPS and link juice and page rank and all that, we forget what we are really after. It's traffic folks and as long as you do a link exchange with the best web sites that are similar and relevant to your topic you will get considerable traffic from those links. For example if your site is about hammers and the other site your link exchanging with is about nails, you link together and you both benefit in traffic and sales and that's what's really important.

One cautionary note, look at the source code of the site you are linking with, make sure it is a dynamic link and not hidden under shockwave-flash or java and make sure he is only linking out to quality sites, you don't want to be part of a bad neighborhood.