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Guy with the dodgy wooden leg right? Sits in the corner and drinks widgetized beer. ;)
Judge, IMHO the tide has came and receded. People will sell links for dirt while others won't.
Best way to gauge it IMO is for you to let it run for a month and see what valued benefit comes out of it.
If the guy hits tops for the anchor text you use on it, then its up to him to appreciate the value of that, and for you to milk it ;) Otherwise it's little more than a valued/devalued link exchange.