Selected answers from the Dumb SEO Questions G+ community.
Travis Bailey: It depends on how and why you`re doing it. Say you sell snapback hats, and your link partners are various hip hop sites. If you`re forever getting sitewide links with exact match anchors - over time, that`s going to look suspicious and possibly get the site/s penalized.If you`re legit adding value to the sites, and not going crazy on EMA`s and sitewides - you`ll probably be fine. I mean, if we didn`t link pages the internet would be pretty craptastic. Reciprocal linking often happens `naturally` (without any sort of intent, other than linking documents).