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 Google Instant went live on 9/9, read industry experts opinions on how this will affect SEO here, including contributions from White Hat SEO Marketing.  

reciprocal - Whitehat SEO Marketing - Glossary

White Hat SEO Glossary Index

With reference to a link, meaning that a link on one site is traded for a return link on the linked to site. reciprocal linking has been widely discredited and devalued, however in the opinion of white hat seo marketing the technique still has valid and useful applications, particularly early in a site's life.
Obtaining enough "juice" to get indexed may be a difficult job for a new webmaster and it is natural to get links where you can at the outset. As your site developes visibility, external web sites should be increasingly willing to link to it.