I fully agree with @toomanyairmiles's answer - so feel free to mark that as correct, but your question begs some additional questions that come up when this question is asked:
Q1. What is the real benefit of exchanging a link with a PR1 site?
A1. First, there's no such thing as a PR1 site. PR (PageRank) is assigned at a page level, not a site level. So if you get a link from the homepage which has a PR value of 1, then you get a share of that.
Q2. What is the value of a "link" page?
A2. Following on from the logic of the first answer, the "link" page might actually have 0 PageRank, so you'd be getting a share of 0. Actually that "link" page might have 10-100+ links on it, so you'd be getting 1/10th-1/100th of 0 - not very much you'd agree.
Q3. What is the value from a link on a "link" page?
A3. Now this can vary wildly, but Google has stated previously that it values 'editorial' links higher than just lists of links (like sidebar links etc), so if your link was contained within contextually relevant (to your link/site) text, then it might be worth something. The reality is that "link" pages are just lists of unrelated (to each other) links and not even related to your site. The algorithmic difficulty to determine this by Google would almost be child's play.
Think of it this way - Search Value is proportional to Level of Difficulty. If it's easy to do (get reciprocal links from a link page of another site) then it's of low value. If it's hard to do (get a viral link from major news organisations because you've solved a world problem or reinvented lolcats) then it's going to be high value.