Reciprocal links are not dead. Weren't dead before. Aren't dead now. I know it and you know it. But for just a second let's pretend otherwise.
A while back there was quite a bit of scare mongering going around the SEO industry about how reciprocal links were dead. I had a potential client once tell me that so-and-so-big-name-in-the-SEO-industry told them that reciprocal links were dead. I've said this before and I'll say it here again.