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Hates Working Butt Off For Nothing
I dont have a prob with it and im sure any other entity *shouldnt* have a problem with it...the web is the "web" because even if someone did decide that linking was bad, theyd always have another part of the web that would allow it
sorta ties in with the "government entity" thread IMO :)
however, that seems to me a very difficult process.
You will at least get traffic from them and a sort of branding effect across the web. I know when I see a site linked to a lot in a certain community, I start to see it as somewhat of an authority.
Just don't swap links with spammers, that spam link on your site CAN hurt you. (And, thinking of Google in particular, that link from a PR0 site won't help you much anyway!)
yes reciprocal links can take time but like Conrad said-they can produce their own traffic and money (if the case my be).
I do not think Google will ever discount recip linking because it is ever where you go on the web.
If you get links in your topic area, as was stated before you really can't go wrong.