>>is it important to counter balance the reciprocals with one way links in both directions
I think it is. It is natural not to have all of a sites links not to have reciprocals. To me it would also be denying the user valuable resources because you don't get a link back. If the engines were to throw out all reciprocal links and just look at one ways to rank or rate a site then this would kill a site that only has recips.
Also why would you want to link back to every link you get? Some links I get would have no value to my visitors, but one of my pages did have importance to theirs. To me link strategy is good, but linking should be used to enhance your visitors knowledge. If you open it in a new window or a frame to keep them at your site is another matter, but trying to encapsulate all information about a subject to interlinked sites seems too narrow focused.