So I have been having a long running debate with some SEO friends of mine regarding reciprocal links. I am aware of many different link managers that provide forms to register with a partner site to get a link (of course they request a reciprocal link in return). For reasons, I just don't understand one of the SEO friends of mine will NEVER do this (even with a high PR6+ site). The reason states is due to reciprocal links. Is there a huge penalty that I am not seeing with reciprocal links? Why would someone want to avoid them like the plague and then again why do so many link managers exist if they are such a horrible thing? Is the link juice from them somehow watered down by Google, Yahoo, and Bing? What are your thoughts? Anybody have a good argument AGAINST reciprocal links?