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I'd like to know if listing a set of partner sites/blogs is useful for the pagerank growth. Does Google see it as an incorrect act? I read somewhere that if people exchange links, google seeks it and marks as a bad technique.

If it doesn't matter, is the content of the linked site relevant?

A: 

That's called Link farming and it is a really bad SEO tecnique.

If you link to another page for SEO purposes, keep links relevant and in a way that are interesting to the readers.

An interesting article on Link Farming: The Tell-Tale Signs Of Link Farming

XaviEsteve