Personally, I'm not interested in a link exchange just for the sake of it.
If I find a site that may be of interest to my visitors, I link to it.
If a site owner feels that my site may be of interest to their visitors, I get an inbound link.
For my money, that is what the internet should be about. Not exchanging links in the hope of artificially boosting your position on the search engines(although, I'm doubtful of the efficacy of the above technique).
I can't think of more than 3 instances in the last 8 years when I have accepted a link exchange and those were through choice, not a 'you link to me and I'll link to you' situation.
I might advise owners, of sites that I have linked to, that their visitors may find my site interesting, but I don't enforce a reciprocal link. Don't see the point!
Just my view of exchange linking......