It is worth to ping if you done an exchange, but nowadays LE is a past story and almost useless anyway.
if you just did link exchange, then you haven't done anything yet actually. link exchange is not a good method of building backlinks or promotion. you can read about link exchange here: http://blogs.digitalpoint.com/entry.php?b=54 read about few common link building methods here: http://www.goarticles.com/cgi-bin/showa.cgi?C=2146887
link building plays a big roll in increasing website ranking and trafic as higher the rank more the importance of the website...
Its not neccessary that you ping both sides. Because finally search engines find them. but i think avoiding of link exchange is better.
Great response, guy! just my thought the reason I do Link exchange is because I believe that the site I'm doing exchange with is relevant to my site. I also believe that this method is still effective. I can do all the method sultanofseo wrote on his/her article but you had to think are those target traffic for your site? Anyway thanks guys for the awesome posts.
link exchange is good until there is relevancy!!!!!! before exchanging check the cache and index of the site on which you are exchanging