I had just started out building a experimental niche list and arranged a swap with a newbie IMer. Nothing wrong with micro niche swaps in my opinion. What is wrong is failing to deliver i.e. failing to keep up your side of the bargain!
This person has had over 200 hundred clicks to his squeeze page from my list and in return has not even bothered to email my swipe to his.
The long and short of it fellow warriors is that the Karma police will get you in the end. I am all for helping people out but please be careful who you deal with. In this scenario it really does not matter, but still leaves a bad taste in the mouth.
On to the next adswap