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Is one way linking more valuable or less valuable then link exchanging
However, one-way links are a lot more expensive to obtain and to retain. Thus, dollar for dollar, direct reciprocal link exchange has the best value for your dollar in that you can get a lot more recips that you can get one-ways for the same amount of money.
I will probably be attacked for stating the above by SEOs (some really big names out there perpetuate the myth that one-ways are more valuable than recips) who find it too difficult to manage and make money from reciprocal links, when they can simply buy one-way links for their clients and get a cut of that spend every month. One-ways are a lot less work for the SEO and a lot more money.