link exchange

Edited your post as you were using the MLF URL, and we don't have a links or resources page!

Personally I don't tend to bother with recip link requests, and tend to go down the 3 way route, but I've often heard an element of recip links is still valid and won't hurt, and does show a more balanced link building strategy.

It would be more beneficial to create genuine affiliations with other relevant companies you want a link from with a rich media or image ad to encourage people to click through, rather than another recipricol link that anyone can make.

Link exchanges hardly work anymore. Google cracked down on link exchanges a long time ago. If you are above a certain percentage of exchanged links, you will be penalized for certain! If you insist on using this technique, I would strongly suggest that you stay below having more than 20% exchanged.
It is still best to have a good mix of good SEO techniques, rather than just doing one method.

Yes, Link exchange help to increase the Page rank of your website because you exchange your links with high and same Page rank websites and their link juice help to increase your Page rank.