Reciprocal links are discussed controversially among search engine marketers. Some think that reciprocal links are great, others think that they are a waste of time, another group thinks that reciprocal links work to some degree.
When we think about getting links, typically the concept is quantity over quality. Granted, we often look at things like PageRank to see if the potential link has value in the eyes of Google. But we often don't look at the inherent value that a potential link might have.
Link building tends to be viewed as on off-page activity – you’re not messing with title tags or site architecture and you don’t actually have to touch the site itself or write new content. However, if all you are doing is building more inbound links to your site without doing any analysis of on-page factors, you’re selling the effort short. While it’s certainly not necessary to do much more than build inbound links, on page factors are definitely something that you should look into if you want to boost your overall link building effectiveness.