recips do work
There are over 100 factors involved in the amount of weight a link has. Here is an example.
If i have a site about frogs and i have a pr4 and i link to another site about frogs and they have one or more of my keywords in the title and content and also have a pr4 site we would both gain.
Let say the link exchange value on a scale of 1 to 10 is a 3 for our example.
Then lets say you get a 1 way link to your site about frogs from a site about horse shoes and it is a pr 1 and has none of my keywords in the title or content. The recip link exchange value would be of greater value than the one way from a low pr page.
So for recips to have value it has to be from related sites with equal or greater pr.
Now, If i get a one way from a non related page with a pr6 i might get a value equal to the above mentioned recip or a one way from a related page with my keywords and a pr3 it will have a greater value than the recip.
As you can see, values of links are controlled by many factors.
Depending on the keywords, i may be able to beat a site with 3 k links that are all one way with just 50 one ways if i choose wisely. I may be able to beat a site that has 3 k links that are one way with 150 recips that are extreemely targeted.
Analysis is important in seo.
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