Here's an email I got today: I had a look at this person's old reciprocal links directory and it's been purged of 90%+ of its entries. Although our sites are not directly related, people who look at one site would probably have an interest in the other. It looks like some people aren't even giving Jagger time to finish before taking panic-stricken actions based on (erroneous imho) theories as to why their rankings have dropped.
Are you going to delete the link on your side? It'd be funny to find out how out of sorts they'd get if you left it up.
Oh... Everyone gone crazy while trying to "cheat" the Big G To my mind links CAN'T hurt you... Otherwise I'd definitely spend hundred bucks to place thousands of links to my competitors' websites Am I wrong?