@PetraAnn and I used to work for a site which still did traditional link exchanges. As @LilMosey points out though, the criteria for being accepted in such an exchange was placed very high. There are still many others that exchange, too.
From where I'm looking there are 2 types of traffic. (at least 2 types)
1. For business models that monetize with adverts, etc...
The traffic can be absolute rubbish. All that matters is people show up.
2. For business models which sell something...
The traffic has to convert.
For example 100 daily visitors who make 100 purchases is better than 100k who are just looking for free stuff.
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