If selected judicously, reciprocal links can be a great asset to a business website over and above the ranking and traffic benefits. For instance, a real estate site can provide links to mortgage brokerage sites and vice-versa. An
SEO services site can swap links with quality web hosting sites (your own web host is a good place to start).
Linking to sites that offer goods or services that compliment yours (but don't compete with them) is just good business because it adds value to your own goods or services. If done properly, this linking strategy will give your site an edge over your competition.