CainIV - 6:14 am on Jun 22, 2011 (gmt 0)
A high quality, authority link is a high quality, authority link. Google has evolved to the point of understanding linking intention in my opinion.
So linking to another authority website because they published an article about your business and linked to you would make perfect sense. And therefore would likely count.
Repetitively linking between domains, especially others that also repetitively do this with other, generally low quality domains sets a standard and that profile is easily analyzed and understood in my opinion.
Long and short - in my opinion, some reciprocal links, to on-topic related resources is perfectly fine, if the purpose is to add value.