We have a colleague who is aces at link building. She was recently approached by the webmaster of a site asking to exchange links between two of their sites that are dedicated to the same subject, charter fishing. He wanted to put a link on his links page to her site, if she would put a link to his site on her links page. Both links pages have good PR. Then she spotted a page on his site that interested her more. He had a page on his charter fishing site with fish recipes on it. She replied to the webmaster, I’ll put a link to your site on my links page, if you publish one of my recipes with a good text link under it to my fishing site. The webmaster agreed. She now has a very good link to her site from a page on another site in the same industry, about fish, and it is the only outbound link on that page. Now that is smart linking.