[Halfdeck]

"PR isn't only based on back or traded links, from what i've read or understood then site themeing/content plays a big part."

PageRank is based on several things but site theming doesn't play a big part by any stretch of the imagination.

PageRank is influenced, for example, on link intent. If Google suspects 90% of your IBLs are the result of link exchanges, the PageRanks passed by those link will be devalued/discounted. Google may have trouble detecting one way links that are paid for, but if you think Google can't figure out non-contextual, root-to-root ABA/ABC trades you're dreaming.

Of course then the question becomes "how much are exchanged links devalued?" Spammers often use thousands of low value links to get their pages indexed.

Then again, better linking practices mean we get more bang out of our links, so it depends which way you want to roll. Wikipedia proved organic, full-value IBLs is a sure way to dominate search results.

"We should have did more ABC trades."

It doesn't matter. A trade is a trade.

People should realize by now that linktrading is a black hat tactic. In that respect I agree with Bill. If you're breaking a law, it's not smart to leave your fingerprints all over the crime scene.