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I agree with John. For me I'm just careful with who I link out to. I don't expect that reciprocal links are going to have a huge impact for me and I try to limit them to a small percentage of my overall links, but I feel safe as long as I only link out to sites I trust.
I wouldn't just link to any random blog because they're also willing to link to me, but I'd have no problem linking out to the v7n blog because I feel safe in saying I could trust the neighborhood it's in. I think as long as you link to sites you trust then you really don't have to worry.
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