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1) Do you have to upload a web page or file to your site?
2) Are they in search engines?
3) Are most member's sites spamming?
4) Does link exchange look professional?
If any of these are truth about link exchange you should not join and leave fast as you came. It is important to look at this very careful because you are investing in your site and this could crush your site's future.
Link exchanges have proved to be successful both for getting you good ranking and getting more traffic to your web site. Link exchanges are one of most powerful tools you can have by your companies side, but like all things they have a down side because they can be abused and used wrong way.
Matt Colyer is the owner of the www.superiorwebmaster.com. He also is a php, CGI and ASP developer.