I totaly agree malhotra ,,,,,,,,Although I no longer exchange links. I only get one-way links but if I ever do I am more than happy to get a PR 2 link from a content page then a PR7 from a links page.
If link exchanging hadn't been so abused it might be still as relevant as it was a couple years or even months ago but Google doesn't count link exchanges as high. I do however still believe it helps especially if that is what your competition does and 99.9% of my clients competition do link exchange and it does greatly help MSN rankings as well.
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