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I would tend towards link exchanges if I had to make a choice, but would certainly be looking to reinforce the link campaign with a much stronger portfolio of links.
Article submissions aren't all that useful - no point in having content duplicated dozens of times - you really think search engines are going to "value" such pages (and the links on them)? Same goes for press releases.
They have some value if someone picks up on the article / PR and talks about it elsewhere, but other than that...