I have only just begun my research, but I'm looking over a valuable site from one of my clients. Their website dipped in the recent PR update - they lost about 30-40% of their website traffic due to a loss of rankings. Going through their top competitors, I'm noticing a common thread: reciprocal linking! Now this surprises me. I assumed these links I've seen were bought. But they've been achieved from reciprocal linking! I thought reciprocal linking was dead and devalued from Google, and the only way to truly rank was to do 3-way linking. But I'm seemingly wrong! Anyone else got any thoughts on this?