Comment on How PageRank is Calculated with Examples by SEO Gold Services.
PageRank/Link benefit during a reciprocal link exchange does generally result in one winner and one loser, so yes. The trick is to be the winner most of the time, use the PageRank Simplified Formula above for determining if a reciprocal link exchange is a good link exchange.
Also don’t forget it’s not just about PR/link benefit. There’s a lot of SEO benefit in just having a link point to a site because of the anchor text and the fact there’s a link to your site.
So if you know people you trust regarding link exchanges you can setup a groups of link exchanges where overall no one gains/loses much PR/link benefit, but have a few dozen links helps because they are links and they have SEO’d anchor text.