fathom - 6:15 pm on Jul 17, 2011 (gmt 0)
Do you mean that reciprocal links do not help as much with ranking?
This tends to be true... because of the fact that the resident page your link goes on as in the "links page" are not really related to anything specific other than maybe "links". If you're looking for ranks for "links" it might be a viable development.
The other issue... most site owners that deploy this free service exchange offer do so because they have little in the way of a marketing & advertising budget... not because their website patronage deserves or desires to jump to your website... or in other words there isn't anything there (normally) for you like link juice to share.
Do this excessively... you might have something but then Google suggests this: [google.com...]
However, some webmasters engage in link exchange schemes and build partner pages exclusively for the sake of cross-linking, disregarding the quality of the links, the sources, and the long-term impact it will have on their sites. This is in violation of Google's Webmaster Guidelines and can negatively impact your site's ranking in search results. Examples of link schemes can include: