I decided last night to create one.
I'm not giving away my approach on it. I have an idea on how to deliver premium level features without asking for payment and instead I get a lot of traffic plus Google AdSense hits.
I'm working on WordPress CSV Importer right now :) I'm behind on it. A basic working version may come in 5 days then it has at least 2 more months of development plus help content creation.
After that I want to create my reciprocal link plugin along with some interesting ideas that I've yet to hear being done in existing software. I found this page when doing some quick research. I get the feeling it is still an area in need of a good plugin.
Google does not ignore reciprocal links totally. It is about how they are presented and it needs more effort that just swapping the links then putting them anywhere. Don't worry though my plugin will do the effort part. There will also be quality control using various methods that I won't go into.