Chris Boggs just wrote a good article (http://searchenginewatch.com/showPage.html?page=3628162) on the opinions of some of our more distinguished colleagues on reciprocal links. It is worth a read and maybe some more opinions.

I think it's still a valid tactic and worth considering if you have the time.

I''m solidly with Greg: Recips are "common sense". Some can be solicited, but in many sectors, unsolicited "accidental" recips can be quite the norm.

As long as a site is healthy and has a good balance of links, recips are not a problem.