For those engaging heavily in reciprocal linking:
Ask yourself, how many of these links would you have given anyway, if they were not reciprocated? Are your outbound links now real votes of reference and quality?
If you were a search engine, would you neutralise any beneficial ranking effects of exagerated reciprocal linking?
To me, there is a thin line between predominant reciprocal linking and cross-linked (domain)farms, it is a thing of the past, a no-no.