I prefer to build traffic to my websites instead of building backlinks, I agree that if we manage to reach 1st page of Search Engine -Google- we'll gain traffic, however I think it's better to have frequent visitors during your venture of reaching the SE's 1st page :D
I'm shocked no one mentioned:
Do Follow Blog Commenting
RSS Feed Directories
Yes, there are times it may be time consuming. It should all start with on page SEO. After that, it's all about the competitive element of the keyword. Then, you check out what backlinks the other sites are using to get there faster.
Personally, I use a variety of link building techniques similar to linkwheels. It's been very successful for me.
Building links through reciprocal link exchanges is a simple yet very powerful website promotional tool.If done correctly, increasing your linkage will:
1. Increase your traffic significantly.
2. Improve your visibility in the search engines.
3. Provide an added resource to your website.
4. Save you a lot of advertising money.
5. Save you time.
I haven't tried those techniques and maybe they're all worth a try. Thanks arbz for the information. That's just great!