Ya, blogroll is a site that helps you do link exchange easier but most of us know how to do link exchange manually so many don't use it...

Technorati offers more but not link exchange. It is basically a blog directory that shows the ranking of your blog based on inbound and outbound links in your blog.
It also offers RSS for your blog and many other functions as well. You can view other's blog ranking and maybe find blogs that suit your taste to read there. Kennysia.com is the best ranked Malaysia blog up there...