Advantages of free link is higher value in SEO sense & faster submission, but disadvantages are longer time reviewing and worse placement. The reciprocal link is faster reviewed, better placement and the directories that require recip, often have higher PR. But submission of recip link takes more time and 2-ways reciprocal links are less valuable. So, what do you prefer Free or Reciprocal link? Thanks.
One can understand link exchange with a web site, but exchanging with a directory is quite dumb a concept imho. I prefer one-ways, either free or paid.
Totally agree with the above free or paid is best, reciprocal links are optional. Remember free links = content so they are very important! People are less likely to do a reciprocal or paid link if there are not enough listings. Keep this in mind as i see too many with little content.
Many directories with higher PR promise 24-48 hours inclussion when site is submitted as reciprocal link. Is it not worth doing?