Back in 90-ties, and early 2000ds - link exchange was must have SEO strategy. Mainly used to gain Page Rank and better rankings in Google SERP. But then no-follow attribute was introduced, to stop Page Rank manipulations. I remember these days, when bloggers using WordPress CMS, had a blogroll with friends on it. In our days - it's hard to find blog with blogroll, and if so, it's nofollowed.
But if you are a starter, and you haven't made your brands (blog) authority yet - what can you do? You can ask somebody from related category, to write a review of your blog and link you, hopping with dofollow.
If you are not a blogger, but portal, offering services, selling products, what's left for you? PPC? Right... PPC. But if you still want to rank good on Google. You can ask bloggers to review your site/portal.
Can you exchange links with others?
My experience shows, yes you can. As said, not only blogs out there fight for their existence, portals do.
If you run a portal, interest group or similar, you can go out and ask others - to exchange for a link.
You can be in risk if you will dofollow that link in your blogroll, as well your friends can be in risk, if they dofollow you.
It's up to you - to be honest with your friends, related companies, by asking for link, saying you will nofollow all links, and saying they should too. Or you can say nothing...
In 90% cases, small organizations adding a link back, even don't know what is nofollow and what is dofollow. So they will give you back dofollow. Is it right? It's the question making me concern.
What is your thoughts about this?