I think one of the worst things for one's reputation is taking down your partner's link in a link exchange. I consider the recips to be an advanced form of link exchanges and treat them the same way. Like UW said, only switch to a different recip when you are 100% sure that your site was rejected.
I used to think that a rejection email is the only way to make sure. Now that I keep getting rejection emails for sites that have in fact been accepted and listed by penisbot, I don't even see that as a good enough confirmation... Bottom line is, I just almost never deal with replacing recips. I check my stats every few weeks and if a LL sends me zero or very very little traffic, I just stop submitting to them and my new FS go elsewhere. Old links stay in place though.
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