I get a lot of link exchange or 3 way link requests from sites like this, where it is just whored out with links. Now even though this site is a PR3 site, with all the outbound links on that site, I would probably only get the benefit of an incoming PR2 link. That much I understand, but what I'm really concerned about is how google views sites like this? Any penalties for swapping links with a site like this? http://www.heightandweight.net/
If sites/pages linking to your site are theme related, probably your site won't be penalized. But if those links are from unrelated sites/pages probably your site will get some kind of penalty.