For those of you who don't know the definition: Link Exchanges are 2 links back and forth between 2 individual companies which have linked to one another. What's the point? To create 'link popularity' within Search Engines!
What's the point?
To build 'link popularity' within Se's!
How Does That Work?
Well when some body types in your business within se's, you'll get 2 types of benefits.
1) Your improved site & related issues outlined by you in to the search engines.
2) Most of the links back from other websites listed within the search engines. We learned about http://www.linkemperor.com by searching webpages.
# 2 is the critical one for this subject: If your site is NOT 'optimized' for good search results, a well known link might just do the same.
'Optimized' - Look for articles on 'Optimizing your website for search engines'