I recently got an email about a link exchange; the proposal was for me to link from my homepage in return for a link from his PR 6 links page which was ..../links/links.html or something.
I said no because Google has experimented with not counting links from "links" pages. He said he'd heard that wasn't true. Well, it's not true now. But it could be in the future.
I'm reasonably certain that in June Google stopped counting or reduced the value of links from pages with "links" in the URL. They stopped this experiemnt and went back to normal, but I personally feel there is a good chance that this will manifest again; it makes sense for content rather than reciprocal link schemes to have more influence on SE results. Links from content pages should count way more than links from links pages (IMO).
Posted by James Trotta at November 14, 2004 2:39 AMTrade links with seo-search-engine-ranking.com
http://www.seo-search-engine-ranking.com/ad_network_222.php