Im using this service from 1800banners.com on my own webpage (www.finaldesign.tk)
and I consided them pretty good in that business. Ok, so here is the deal:
- you signup for the bannerexchange program on ther website (www.1800banners.com and get yourself an account
- then make a banner for your homepage, it can be JPG, GIF, and even FLASH SWF. size of banner is 468x60 px
- log onto your acc and upload you banner
- wait for a while to get your banner approved (usually 24 hrs or less)
- and finally add a html code that you get from them to your homepage
- and thats it, your are earning credits by displaying someone elses banner on your homepage, and for every 2 banner views you get 1 credit. (that means its 2:1 banner exchange, 1 credit is 1 banner display)
- they have added some new features to bannerexchange system, as banner lottery, you can buy a ticket and win 20000 banner displays - but you don't need any money you just buy a ticket for 10 credits you earn by displaying banners...
- also there is many other features that you will findout if you signup with them...

so, thanks alot for reading, and please dont consider this post as spam, cos Im just sharing my experience in banner exchange programs, and if anyone here have some better experiences, and even some better banner exchange programs, I would be gratefull if he share with us all...
oh, and I forgot to mention, the above link is a refferal link and if you sign up with that link that means im your referral, and that would help me alot

finaldesign

oh and sorry for double post, bus since I cant edit posts i forgot to mention this, they just sent me an emal with latest news:

dude thanks this sounds like something worth doing :BIG THUMBS UP 4 U:

Good luck with your banner advertising there, I recently stop using their service because some problems they have, somehow, they stopped to work for some reasons (probably their server was down) and again later everything worked fine, but I must have quality service, so I stopped using them...

This site looks quite professional and it seems more trustworthy than other sites.
However, I find banner exchanges not to be really effective any longer because most of us using Firefox has AdBlock extension. Therefore the ads don't even come through, and more spyware blaster programs use the traditional HOSTS file blocking, so that would blank out the ad too.

I find that the use of 88x31 non-animated GIF buttons on a side bar or on a footer to be more effective, especially if you have them lined up in a cool way or something.

I will check out this site but I don't think I will put any banners on my site.