I have been a member of BlogExplosion for quite some time and absolutely love it. I usually don't participate too much with traffic exchanges but this one is fun. You can rent blog space on your blog, buy blog space, chat, review blogs, battle with other blog owners in battle of the blogs and much more. I noticed though that I while surfing Blog Explosion there are many other blog traffic exchanges out there.
Below is a list of some of the other blog traffic exchanges I feel you may enjoy:
BlogXchange - 50 free hits for signing up