There's an argument that says it may actually help, but it's fairly theoretical.
The argument is that google may at times of the year devalue reciprocal linking. What you are doing is getting two nonreciprocal links with a cat link if you put it in another cat than the intended.
The original idea behind the cat links is that the anchor text in the link enhances a specific keyphrase for your category page, so you may sacrifice a bit of anchor text relevance.
There's another theory that anchor text relevance also is variable, and that recently goog began devalueing anchor text to fight the googlebomb phenomena.
But's it's all guesswork, ultimately. Most recips coming from freesites are low pr in the first place so it probably has only a small effect one way or the other.
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