Reciprocal linking is in fact the same thing is link exchange that so many people are discussing the value of it and if it is considered spamming (which is not).
Why shouldn’t web owners, SEO professional and webmaster attempt to get link to their website? The whole Idea about the internet is: The Internet is a worldwide communications network and that is the essence of it all. Networking and getting connected through networking. It will be more beneficial to connect to a site which is related to your own industry as that is the place searchers will be looking to find information, services and products they require.
Linking to unrelated website will probably provide a less advantage at the long run and will look unnatural to the searcher an therefore probably to the spiders. My opinion about this all is link internally (not excessively), link to other site that relate to you and preferably ones that have a good page rank, after all you in real life you will not like to be recommended by someone with no experience or value (same with page ranking for websites).
Participate in link exchange but be very selective with whom you exchange your links and how it is done on your website and their website.