martinibuster - 12:20 am on Apr 23, 2008 (gmt 0)
I don't think it's a bad technique when done in moderation and with sites that are useful and helpful. I have not had any kind of penalization issues whatsoever with the light recips I've done. It's a good way to get a new site off to a start for longtail phrases, to get known by the community of sites in your niche and pick up some more links, possibly one way if they like your site. I wouldn't rely on it to get me to the top of difficult SERPs though.