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I still "trade" with a few toplists. But out of all the ones I've tried over time, very very few have actually been worth it as far as hits sent and received. The vast majority seem to be filled with CJ sites or other top lists "trading" with each other. So at the end of the day it's too much effort for a WM to filter out the crap ones and figure out which ones are "real". Much easier to just not even bother.
Toplists could probably do better with a change to their model. I was going to post a link to a toplist that's done very well with a lot of major sites except I can't seem to find it (having technical problems). The interesting thing about that toplist is that it really doesn't look like a toplist.
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