Matt Cutts recently stated on his blog that "if you were getting crawled more before and you\'re trading a bunch of reciprocal links, don't be surprised if the new crawler has different crawl priorities and doesn't crawl as much". Back in 2004, link exchanges were the "in" thing to do. Now, however, Google is aware of the possible arrangements (including the "triangle" exchange) and as a result, they hold little merit.
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