Google is not counting many inbound links (some one way and some thru exchanges)? What's the problem? Are those links from spam sites? My site is still on the middle of the front page for the targeted term (number 5). Nonetheless, I might need to be at the number 3 spot because my site still gets few clicks despite the fact the term gets 2488 US daily searches. The only links it counts are ones from blogs where I have posted one way links and maybe one site where I did a link exchange (as well as ads I have posted with one way links).
Actually, Google has started to count most of my links now (maybe all of them). Probably they count some quicker than others. Note: I stopped link building about two months ago for the site. Now the site is # 2 for the targeted term so it paid off.