Disadvantges of reciprocal links exchange

I would like to list below some disadvantages of reciprocal links exchange.

1. Time and effort is higher than one-way link building practices.
2. If we exchange links with bad neighbor, our site may get penalized.
3. Good neighbor may become bad in future and put us in trouble.
4. Link exchange partner may remove our link without our knowledge while we still link back.
5. Search engines discourage link exchange.