Link exchange, reciprocal links, blogroll, Link Library

I am interested in starting a discussion on all aspects of link exchange no matter what you call it. What do you think about exchanging links or any of the plugins available in wordpress or else where on the internet. Do you like or hate a particular Link exchange plugin/method, link exchange website paid or free. What method/plugin or website do you use or don’t you use and why. What are your opinions on paid verses unpaid methods of link exchange. And is there a type of link exchange or some other method of getting links that I have not mentioned here.