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There are quality sites at LS. You have to wade thru to find them. Unfortunately, many of those WMs w/ HQ sites don't log in anymore. Plus blogroll sidebar links aren't going to get you that much love from Google i.e. move you up much in the SERPs these days.
I only have about 2 LS trades per site across all of my sites, so I use it selectively. Every now and then I have to go in and strip out links where the trader sites have taken a massive shit on the number of OBLs or the blog is now a tube w/ footer links or whatever. Most of my trades are not on LS. But it's still a viable tool.
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