I tend to receive quite a number of link exchange emails even with filters set up on my email accounts.
Every now and then, I’ll actually read one (some are quite entertaining), but never act upon them. I don’t do link exchanges for the sake of exchanging links.
I’m amazed at the format and content of the link exchange requests and their asinine suggestion that they’ve reviewed my site and that it’s closely related to a site that they’re promoting and trying to increase the PageRank of.