One thing I would like to suggest to the guys trying 3-way link exchange.
If you have site A and want site B to link to you, and in return you link to site B from your other site C.
1) Try to keep sites A and C on different class C IPs -- If possible entirely different hosts.
2) Google is a registrar and have access to whois data, so try to keep whois info of A and C different, as different as possible.
3) Don't get tens of links a day ..
I would still suspect that Google can somehow catch artificial link building, but these tips might help you a bit.
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