free link exchange worth it?

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hi, i've tried to come up with a new way to get reciprocal links...on
my search engine site, users can choose to exchange links with my site
for any search term they wish.  in return, i'll check for a reciprocal
link on the exact page that my site will link to.  you can check out
the functionality at (i've
used a crap link so people don't think i'm trying to get a link to my
site)....anyway, here is my question.  does having reciprocal links
from one page to another actually get discounted?  would i better
allowing them to enter any reciprocal link?  i just wanted to avoid
ending up as the 5000th link on a "links.htm" page.  any feedback is

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