There are hundreds and hundreds of banner exchanges out there. Most offer an exchange ratio between 1:2 and 4:5, and many have referral programs, some degree of targetting, etc.
Over at my site, we've got a growing list of reliable, free banner exchanges. Click here to check them out, or just google "banner exchange" and sift through the results yourself until you find something promising (if you find something great that we've missed, we'd love to hear about it  )
Tom
TheGreatTrafficExperiment.com
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