E-Referrer is a cool service that serves a "reciprocal blogroll" function, and I may go back to them once their next version comes out.
I've left them for the moment because of p0rn spam. I'm not sure whether it's E-Referrer or KN@PPSTER which is specifically under attack, but my E-Referrer list in the sidebar started showing a bunch of p0rn links the other day. NTTAWWT, necessarily, but these don't appear to have even been actual referrers (I couldn't find the hits/visits in my Sitemeter stats). Some kind of spoof.
So, I've switched, at least for the moment, to the standard Blogger blogroll widget. Most of the sites featured in it were the ones that I noticed were sending me traffic (yes, I am a whore); some of them are ones I thought to add because they belong. The thing will grow, and I'll eventually look for a script to make it more compact (categories with drop-downs and such).
My previous blogroll had oh, 200 links or so. I eventually want to get back there, but the DHTML script I used to keep it from taking up acreage didn't work and play well with "new Blogger."