I just opened a LinkPartners account about a week ago. Yes, you provide html for your site with anchor text and a description of up to 200 chars. What I like about it is that you can search their directory of sites who all have a links page (with 'add url form' or email) and see for yourself what the site is all about before requesting a swap.

The problem is that there's a lot of junk in their catalog (i.e., good sites that have no way of requesting a link, bad sites that do, PR5 sites with PR0 link pages) and you always have to provide a link first. If they don't want to swap, or if they are just a link rip off scheme, you may never get an answer to your swap request. So, then you have to check a week or so later and remove links you created to all the dead wood.

I have however received about 12 requests since I joined (I'm fresh meat). I've accepted about half. The others were obvious trouble.

I'm also trying something called PowerLinks.com now, which if it works, looks to be low maintenance. I haven't gotten their code working on my page (ASP) yet though. They are troubleshooting the problem.