Comment on Reciprocal Link Schemes by Darren McLaughlin.
It’s worth pointing out that being cached and indexed are not the same thing. I have a few websites where I’ve removed all the pages from Google’s cache yet all pages remain in their index. The links still count, as long as the page is indexed.
I agree though, that in general it’s a better plan to look for both cached and indexed pages, just to be on the safe side.