Robert, You can say that link exchange is generally done to get traffic, but the method can't be counted in "Black Hat Seo". As per google, Paid links are a black hat method. Link Exchange is a mutual understanding between to peers, so we can't say it Black Hat Seo.
Also, as per Wikipedia, the following methods can be count as Black Hat Methods.
(Keyword Stuffing, Hidden Text, Meta Tag Stuffing, Doorway pages, Scraper Sites, Link Farms, Spam blogs, Page Hijacking, Buying Expired Domains, Cookie Stuffing, Blog/comment/wiki spam, Mirror sites, URL redirection, Cloaking, etc).
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