Three-Way Anyone?

I started thinking this morning about the importance of building links. I'm interested to know what readers think the "best" linking strategy is; one-way links, reciprocal links or the increasingly popular three-way approach. I also had a few minutes to write up an article I've titled "Links Farms and Link Exchange 2.0" -

Take the Instant WSM Survey:
In terms of search engine placement, what type of inbound link is best?