Banner Exchanges are very underrated and are more often then not going to have a better rate of return then other strategies like PPC. Make sure you get started with a good exchange some of the top ones are WorldBe.com, e-Bannerx.com and free-banners.com. Sitepoint has a nice write up on exchanges with a decent starting list
http://www.sitepoint.com/article/ban...ges-unmasked/4
Banner Exchanges won't help your rankings at all, they are just a way to place your ads on other peoples sites, they don't count as backlinks so don't even worry about your rankings. Its about getting targeted traffic to your site.
The people who don't like banner exchanges have either joined ones that were poorly run or are just not up on the facts. You should do some research into the various exchanges and find the one that fits your sites content and demographic the best.
Last thing, if your site doesn't generate a lot of impressions and you want to increase your advertising you can purchase credits/impressions from the exchange directly. These are almost always overpriced and not worth it, check if they have a forum and if they do offer to buy credits from other members you will always get a much much better price. Also, check ebay to see if the exchange sells credits on there, e-bannerx from time to time runs auctions and you can get credits really cheap through the auction.