And I will strongly advise those who seek advice from me against the type of strategies you are promoting.
There are plenty of "other ways" outside of reciprocation.
They may well be. And, there is a good chance we are going to see that client here in the future wondering why their results in Google are not what they used to be.
We shall. And I shall hold on to my belief that these types of programs are extremely risky in the average webmaster's hands. At the end of the day, its still a link farm and will most likely get tagged as such.
I say invest your energies elsewhere and detach that /links/ directory from your site. Get rid of it now before it is too late. ;)
Don't get me wrong, there is nothing wrong with recipricol linking. I just don't believe in the "build a directory of links" methodology. I've seen it cause more harm than good. History has proven this and of course history will repeat itself. But, you might as well take advantage of it while the weakness is there. ;)