This is a subject that everyone seems to be arguing about at the moment. Everyone trying to second-guess Google's actions - which they will NEVER do - and wondering whether reciprocal linking is dead, dying or if it is something worth carrying on.
'Nuff of the speculation. Here's the proof.
Google do not like reciprocal link directories and they can sniff one out a mile off. There was (notice the use of the past tense here) a link directory on my site until recently, but...
Have you ever seen an add that offers you ownership of a keyword? If you're on the internet much, or if you have an email account, the answer to that question is almost certainly a yes.
There are many services out there that offer to sell you keyword ownership – specifically premium keyword ownership – for the cost of a few hundred dollars every year. The primary selling point used by these companies is that if anyone happens to type the keyword you have purchased into the address...