I must say you are correct. It certainly should not be overlooked for delivering targeted traffic. Also, the fact you are sharing links with authority sites also means you are not linking to bad neighbourhoods, and that they are unlikely to be using dangerous tactics.
I just felt it was worth mentioning to people, who are first learning about SEO, that link building refers to building both one way and reciprocal links. I sometimes swap links for seo purposes as well, it is just that I am very selective in the sites I choose to do it with and would never do it with a site that had a partners link page, or who were obviously doing reciprocal linking on any scale.
You only have to look at blogs for example, where it is perfectly natural for the top sites in an industry to regularly link to one another so obviously it is something that cannot be avoided, on some occasions, without a conscious effort.
I therefore retract my statement, and will say you should be very careful when doing reciprocal linking :-)