martinibuster - 8:54 pm on Mar 24, 2008 (gmt 0)

It's not raining. Just look out the window.

In other words, take a look at the SERPs. There are entire industries ranking on the back of reciprocal linking relationships. So yes, they still work. It's a fact.

What the search engines think about it is a different matter. But not liking something, and actually penalizing it are two different things.