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I believe 'normal' linking is best for general use. (ie; browsing your site) Your pages should have good inbound linking not only for spiders, but also so the visitors can easily go from one page to another without opening a new window/tab.
Is it a problem to have 2 different link exchanges with the same site?
Should I remove the older reciprocal link or keep it?
Fred
If you don't want your user to lose the original page he/she was on by opening any link, then use the target="_blank"> command. Its horses for courses. Use what you think is best for any given situation.