It doesnt matter one bit. Be careful what you read on the web on this topic because there are so many webmasters who have failed with reciprocal linking primarily because they simply are not following published guidelines or they are raking risky shortcuts.
Search engines spider link pages because they want to see what you are doing. You can verify this by simply looking at server logs which is what I do.
Google stopped assigning PR to some links pages in order to get webmasters who were abusing link exchange to change their ways. But do know all of the pages in your website including links pages are spidered (unless you are blocking with robots.txt of course) and it all factors into your rankings regardless if PR is there or not.
Therefore, follow the guidelines that the search engines have published with regards to linking which is: Maintain high relevancy and slow/natural volume, and always maintain editorial discretion when making links. That means do not join a full duplex service that forces you to link willy nilly.
Check out some of my other posts here. We have been successful in getting brand new websites to rank in the top ten for their keywords in just five months with highly relevant slow volume reciprocal linking. It still works very well but you have to know what you are doing.