my page is pr2 and im speaking with someone that has a bunch of pr1 sites... make sense to do a recip trade?
I don't think it will hurt your rankings to exchange besides, you may end up with a lot more traffic than what another PR 2 site would give you.
Well, think about this: if two sites are linking back to each other, that is so easy for Google to spot that it's not an organic link. If you have a lot of them, then their value will probably be very low (or nothing), so no (or negative) impact on your rankings. Have a read of this SEOmoz article for more information.