I have a reciprocal link directory on my PR5 travel site with around 500 outgoing links. I would like to get rid of it and concentrate only on real content. I expect that after deleting the links many partner site will stop linking to me. Any ideas how would that affect my rankgins?
It will slowly decline. I would redirect it, and keep it running, or start your real content elsewhere. You worked hard for the rankings, don't throw it away!