Simple question; are two way links not as good as a single link from one webpage to another or does it not matter?
It's generally understood that link exchanges are no longer an effective link building tool. Like every other resource available to us, they have been vitually flogged to death. And Google has also devalued them to the point that they no longer work. You may be right, or may be wrong but the real issue is the risk factor. No one does link exchanges any longer. The reason for this is that you get penlised if you link out to the wrong sites and web masters (looking for link exchanges) who don't understand this, run a better than average chance of getting themselves into deep deep trouble.
I think the reciprocal links are useful but only if they are done systematically and with good page rank sites. Also make sure the reciprocal links are from within the content of the sites, so the link farms or link directories are not good.
one way link is better than two way links three way links is better than two way links two way links then would be the worst scenario in link building just my 2 cents
one way link is better when the popularity and the pagerank of the website you are linking to is higher than yours.