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Link exchanges: The poor man's SEO from CNET discusses the pros and cons of link exchanges. The article isn't bad, overall.
What I personally find funny is that CNET quoted Evan Duffield after Evan emailed CNET with a link exchange request. Evan got a lot more than a simple link exchange, he got a whole article with clean links to his sites on the News.com domain.
Anyway, the article is being discussed at WebmasterWorld now, so if you are somewhat new to the SEO space, you should read the article and see the discussion at WebmasterWorld.
Forum discussion at WebmasterWorld
