I've just updated one of my blogrolls. My blogrolls tend to contain links to a few essential A list blogs as well as links to interesting blogs which aren't as well known or read. My blogroll has a long way to go before it reaches a good balance between established and new voices, but one day I'll get there - and just then, everything will change again :) If I've learnt anything from this exercise, it's that I should update the blogrolls more frequently.
I prefer shorter and selective blogrolls. I subscribe to way more blogs than this, but don't think there's much value in posting a fairly meaningless longer list. Because I prefer shorter lists, it is a given that many quality blogs won't be included. I make no claims that the blogs on my blogroll are the best, just that they're worth looking at if you haven't seen them already. I have no patience for pettiness concerning blogrolls and think it's sad that this has deterred some people having a blogroll at all. That said, none of this discussion is prescriptive to other bloggers in any shape or form. I'm just doing my own thing here.
If you add me to your blogroll, I thank you, but hope that you realize that I feel under no obligation to add you back. The only benefit is that I'll definitely take a look at your blog, and if I like what I see (and you have a feed), I'll subscribe to it. If I'm really enjoying your blog at the time I review my blogroll, I may add it.
Conversely, if you choose to remove me from your blogroll for whatever reason, you may do this without any fear that I'll get upset about it.