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Interesting thread.
Sly has been spot on in each post.
When did you start and how can you be certain as to whether or not your traffic increases were due to Panda?
Seems like it would be hard to tell with a relatively new and rapidly expanding network.
Also the updates have seemed to favor sites with more depth, this last one increased the weight on update frequency, and both trends are expected to continue.
How are your bounce rates, time spent, and # page views?
If you're getting 90% search traffic across 50 domains, I wouldn't worry about doing link exchanges right now. You have the means to interlink your own sites for seo benefits, the traffic from link exchanges will likely not be nearly as targeted and you'll just be diluting your own traffic quality.
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