I have exchanged referral links with a page that appears to have my link iframed or built with an include page. Googles cache will show it and I can type in the URL in a fresh browser and jump right to it. It appears good to me. Any pros care to advise me? Here is the page: http://www.exercisetotalfitness.com/lma/directory/Gyms/Gyms.html
A backlink is a good thing, unless you did something super blackhat to get it and Google is going to find out. If the link is in a frame, that just means that the PR and URL of in the incoming backlink isn't the page you (or other visitors) view, it's the URL of the frame itself. If you want to see how that page ranks, right click in the frame, choose "view frame only" and copy and paste the URL into a page rank finder to see how the frame itself ranks.
I think this exercisetotalfitness is using a cms which puts the links in a database. The reason cms software does this is so the website owner can know exactly how many times someone has clicked on your link. Google should be able to follow the link to your page. I use cms on some of my sites. What I do for folks who to checking is embed their link information in the link description so their link checking software can find it. I don't see that the website in question has that kind of gradular control of how things are displayed in the links directory or they setup the link module in a simplistic way. I am software developer so I know this works fine. I am new to SEO so I don't know how much benefit you get from it, from a bots perspective. But I also know bots can follow it.
Backlink works. We see result everyday from our customers. Couple things which I want to add: 1. do it slowly. Don't have 100 backlinks on day one. 2. link exchange and buy links works. Link exchange takes more time because you need to do all the leg work. Buy links from link broker is faster and easy but it costs money. 3. backlinks is not the only solution. You need to do more. For example, you need to "tune" your website. 4. anchor text for the backlinks is very important. Do some research on your keywords before you buy link. 5. backlinks take time (from couple week to couple months). Don't hope that it will work on day 1. hope this help. 8)