So apparently the new buzz after The Google jagger update is that reciprocal linking is dead and one way links are the way to go!
While this theory (and it is a theory) has some merit as in one way links into your site of course carry more weight. It is not true to say that reciprocal links are of no value and you should only pursue natural one way linking strategys! If I link to a PR10 site and that site has a link back to me of course I am going to gain both PR from his PR10 and also add to my overall link popularity at the same time.
The natural web is about links both to and from your website. Search engines understand this and while they might tweak their algorithms to give certain apsects more credence, to say they discount an apsect altogther (and a large one at that) is only so much nonsense!