Yes. Link exchange or value exchange is good only if you link to quality related sites. The weight of the links will counting a little more weight compare to other links. Not that I know a lot about google algorithm. This is what I learned from some of the successful Internet Marketer.
For example, if you have a dog website, you might want to exchange links with pet-related websites and not Financial or health website. But, if you get 1 way links from financial or health website, that's fine, not exchange links though.