Bloggers are different from webmasters. There is a sense of community that builds around blogs that cannot be duplicated for commercial sites. It makes sense that blog traffic exchanges would be different. My favorite is Blog Explosion just for the fun you may have there.
Blog Clicker was one of the first blog traffic exchanges several years ago. It disappeared when the owners lost control of the domain name (lesson for everyone). BlogClicker is back online. You may want to check it out if you are looking to marketing your blogs.
Blog Advance is a free manual blog surf exchange community offering 1:1 ratio and free forum.
BlogExplosion is very different. You my rent your blog space for credits or enter your blog into the Battle of the Blogs and win (or lose) credits! Other options are BE Radio, Blog Rocket, statistics, blog directory, podcasts, banners and links.
Blog Soldiers offers 2:1 surf ratio, blog directory, text links, banner exchange as well as blog traffic exchange. Blog soldiers has a wonderful education section that provides video instruction on adding your blog, links and banners; assigning and converting credits. Upgraded memberships available.