In my opinion, reciprocal links are pretty much dead.
I've seen the deteriorating value of these links over time - and, their value seems to be at an all-time low now.
The major problem is that, most webmasters have "themed link pages" from which they exchange links - which is absolute nonsense.
When there are more than 20 outbound links going from a particular page, Google mostly brushes the page off as a "resource" page and doesn't give too much value.
Sitewides are also of not too much value, and i've only seen in-content links working.
Three way linking MIGHT work, but reciprocal linking is definitely dead as a duck.