Originally Posted by Apoorva
For me Link Exchange is the opportunity you are providing to your competitor to bring the traffic to his site from your site. Even though if you want to know, I think send the offer of exchanging link to the site admin through PM is the professional approach.
I think it is highly unlikely that many people actually browse the links page(s) of a website, except for maybe those sites which provide links to authorities directly relevant to their content rather than links which are basically commercial.
I certainly don't get any significant traffic from any of the sites I have reciprocated with.
With reference to the original question, I don't actively seek exchange links any more, but I do consider them if they are offered and occasionally accept if they are genuine and beneficial.
If you do want to find them, take a look at your competitors links, they maybe have some exchanges, you can visit the sites concerned and see if you can get them as well if you think they will be of value to you.