Just found something on CNN which talks about importance and problems of link exchange from an SEO point of view http://www.cnn.com/2009/TECH/07/14/cnet.google.link.exchange/index.html
HI Shabbir Thanks for the link. A well written and informative article. Again a confirmation on the belief "a site will live or die on its content'.
Hi, I personally don't believe in link exchange because its quite time consuming activity and less useful as point of view link building and generating traffic.