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pageoneresults - 6:04 pm on Dec 15, 2004 (gmt 0)
I do believe it is a short term strategy and one that will backfire at some point. I could be wrong but I sure wouldn't want to take that chance with an established site and one that will be around for the long term. If it is a short term throwaway domain, then go for it. ;) If you look back at many of the topics surrounding penalties, I think you will see a common denominator amongst most of them. Their link exchange practices.
I held out till recently and have been amazed by the difference its made.