I have never concerned myself with link exchange issues, therefore the terminology is a bit confusing to me. More and more I am seeing the terms Link building and link development. Are these the new terms for link exchange? Q...
Pretty much, yep Link building/development is the process of building links that help build your page rank. View the wikipedia entry for more info.
Link building and link development is the process of getting more in bound links. Link exchange is more a "you place my link on your site, and I'll place yours on mine" process, and is one form of link development/building.