Comment on Social Media SEO Experiment by SEO Dave.
If you mean a page just for adding links to other sites the value to the other sites is minimal at best and dangerous as worst. Small links page means you won’t be able to setup a lot of reciprocal links, sets of links pages and you look like a link farm.
If you are only offering links from a links page, you will probably only gain links from links pages and see above.
Personally I’d never build a links page and never trade links from a links page.
Only links I’d consider are contextual links from related content.
I don’t do much link trading (too time consuming) instead work on link bait. If I did go looking for links I’d target sites in the same niche with a similar rank for the SERPs I’m targeting.
I’m top 3 for the WordPress SEO Theme SERP, if someone contacted me for a links trade that wasn’t even top 30 why would I trade links?
On the other hand I’m outside the top 10 for the SEO Tutorial SERPs (around 15th), would make sense for me to trade links with sites ranked top 20 for the SEO Tutorial and it would make sense for them to trade with me (after due diligence).
I would only trade links from the pages in the top 20, so wouldn’t accept a links page or another webpage on the same site, I’d want the webpage in the top 20 for SEO Tutorial and in return give a link from my top 20 SEO tutorial page.
If I didn’t work on link bait, that’s how I’d build reciprocal links. Both link partners gain a link from a webpage that Google considers important for that SERP, that has serious SEO value.
Note building relevant reciprocal links isn’t about PR per se, relevance should be your goal.