The only way I can answer this question is by saying: It depends. It depends on various factors. I have found that Traffic Exchanges can take up a lot of time having to surf the exchanges to earn points and credits. Obviously, as a free member of TEs, you're going to have to work twice as hard as you would if you pay for some sort of subscription that gives you more of a range. What I mean is, when you plop some cash down, many TEs have different programs that allow you to give your site or product more exposure with less effort. Additionally, putting some cash down will also double your efforts when you do have the time to surf these exchanges. My suggestion is to make some cash surfing the exchange as time permits, then reinvest it on that particular exchange, thus giving yourself more of a reach. I have done this on one TE that I belong to and it has paid off. More traffic was driven to this site as a result.
Another aspect of TEs that I like is that you do get to see a wide array of online services out there. Of course you have to click through a lot of other TE adverts, but when you do, you'll find those little gems. I have landed on some useful tools having taken the time to surf through the Traffic Exchanges. I'm sure you will, too. As with anything worth anything, it won't come with ease; you will have to work at it. There's no such thing as a "get rich quick" program, which leads me to another point...
Don't always believe what they say on the surface. Dig a little. Look for the attached strings. When joining the TE site, are they lowering their price as you click through to get to the home page? These are simply marketing schemes. Old school ones, in my humble opinion. Honesty is the best policy. And desperation just looks cheesy. Now, I'm not telling you this to discount these TEs. I'm telling you this to give you a heads up. Getting through the gimmicks, and into the actual site, will still allow you to get traffic to your site as a free member. It will also afford you the opportunity to see those little gem sites I discussed earlier.
My final point for the day on TEs is referrals. All the Traffic Exchanges I have come across do offer incentives when you refer someone. This is often referred to as "building a downline" as many may already know. This can add a greatly to your marketing efforts. So, again to answer my initial question: Traffic Exchanges: Are they worth the time? It depends. It depends on you. Check them out and find what fits. You may enjoy them or you may not. It all depends on what you are looking for. If you would like to check out some TEs that I have come across and have joined, click here for the list. It doesn't hurt to look. If you don't find the one you're looking for, keep looking. If you find that it's a fit, give it a whirl and sign up and start surfing. But, don't forget to add your site so it gets the exposure it deserves.
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