Since the text of links back to you counts more than ever, switch your reciprocal linking campaign to request from your partner that they link the specific words you write, rather than the homepage. For example, ask for the link to read this way: Master Widget Company: Highly specialized blue widgets [webmasterworld.com] for the widget loving community.
Make your request as simple as possible for the lesser experienced webmaster to understand. When they return the link and get it wrong, gently write back RIGHT AWAY and explain what you really would like.
This is the text of an email I received just two hours ago in this precise scenario:
>>Ok I think I have this right....maybe!
If this is still not correct please let me know, I will be happy to change it again till you are satisfied with it.
You may want to type it out for me so I can see what it looks like. Don't worry about using any code if you type it out for me, I can take care of that. Just underline what you want hyperlinked.<<
Second attempt was the charm: my new friend got it exactly right!
Like all of us, I would like to rank high under a broad range of keyword combinations. I spend groups of time focusing on a keyword set, write a short sentence as above using the kw combo I want, and then gently nudge along the replying webmasters into getting it just right.
This works particularly well for webmasters which have contacted you first about a link. They are set, they are ready, they are hungry for links and in most cases will work with you to get it right. Explaining it quickly, simply and without sounding superior-in-your-knowledge is the trickiest, and I think most important part.