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What should be a good limit of reciprocal links for a site - 20, 50, 100, 200 or? Or is better not to restrict to any numbers and try on getting as much as one can?
Of course, I am talking of trading links with only good sites and the purpose is not to boost the PR but to get additional traffic here.
What's the opinion of fellow members?
Personally I try to keep the number of links per page to under 10, but if you have a large number of links it is definately a good idea to build a directory of links pages.
I've never come across a limit on the amount of reciprocal links a site should have, I suppose it is entirely up to webmaster and what they aim to achieve from the links.
As you are looking to generate traffic i would think that obtaining as many reciprocal links as possible would be the best way to go. The possibility of people finding your site through links on partner sites will grow as the number of reciprocal links you obtain grows.
If you are not concerned about PR then I don't think it really matters how many reciprocal links you have or how the links are structured apart from a usability aspet for your visitors.