Reciprocal Linking Dead at Google?

More Jagger talk over at Search Engine Roundtable:

(1) Duplicate content issues due to www. vs. non www. or /index.html or / or not and so on. Mostly canonicals issues, affecting page rankings in this update.
(2) Reciprocal linking, seems to have been spotted and discounted.

And here:

lots of the speculation is that the Jagger update, taking place over at Google, is killing the benefits of most of the reciprocal link building campaigns. A thread at Search Engine Watch Forums named Reciprocal Linking – Dead or Alive? discusses just that.

This email about removing a link from an SEO is also interesting. I highly doubt a ban based on reciprocal linking, but a devaluation (non-penalty) is certainly likely.