I did some reciprocal linking about a year ago. I noticed that one site (domain )link to mine has a total links of 6,411. When I view each link, it has different URL's but the pages are the same - a typical "resources" page.
However, if you are being linked to by a network of sites of questionable quality - I would be a bit more nervous. The idea would be to make you look bad in Googles eyes, so that you probably would get penalized in a hand check.