I think it's still somewhat important, but maybe not has much as it used to be. Back when I started with my sites, it was a big deal.
Yes, it is very useful if you do the link exchange with those quality site Many people are miss use it, link exchange is always go for the quality site, not quantity site
Even if Google does not put too much value in link exchanges, it still counts... It is one of the oldest methods of getting links, and one of the best in my opinion
a few exchanges with few quality relevant sites will work fine but dont do it to much as google will discount such links at the end. for more info, read my blogpost here: http://forums.digitalpoint.com/blog.php?u=104967
It really depends on your way of doing things. If you're doing link exchanges with sites within your niche, they're counted even if it's a reciprocal link. Your best bet is to find quality blogs within your niche to post comments on. Keep it informative, add value to existing discussion/post otherwise your link won't be approved. Make sure the blog you're commenting on has dofollow links.
Link exchange is helpful and alot of people don't understand that it doesn't have to be hard. Link Exchange can and should be automated. If you join my website, you'll get a script that will automatically capture them for you 24/7 into relevant categories. You can do manual exchanges as well as automated with the advanced membership. If you want the upgrade code, pm me for details. Exchanging links is not going away.
I would think link exchange could help us boost some pr as well cuz when we link, we link only from the subpage to the front page. So, it has some value as well to google eyes
In terms of getting direct traffic it can be essential to some sites. But in terms of SEO no. Google don't give reciprocal links much credit anymore. However, 3 way link exchanges are extremely valuable.
it is definitely useful infact people are buying links instead just to get links from a related sites.
They are not as important as they used to be. Building your own one way backlinks is far better for the credibility of your site.
I think it is important. But the value has devalued. If you are doing it right, it would still give results.