Here are some of my advantages of using traffic exchanges:

You get hundreds of visitors for free.
You are promoting your site.
If you have a great site, you might get loyal readers.
You can get great design ideas from other sites and blogs.
You might get a chance to come by great sites and great money making opportunities.
You will get more ad impressions and clicks.
Advertisers might buy an ad space because of the daily traffic you are receiving.
Your readers might promote your site with their friends or on social networking sites.
You can promote your affiliate links which will lead to more sales.
You can get a chance to see other sites with the same niche and you can convince the owner to link back to your site or offer a link exchange.
You can upgrade your free account to get a higher surf : page views ratio.
Most traffic exchanges have referral schemes which lets you get points without viewing websites.
Traffic exchanges are very easy to use.
You can use them if you are bored.
You can promote many sites but you need to have enough points so that all of them will receive traffic.
You can save money because you don`t need to spend money on advertising.
Some traffic exchanges pay you to surf.
You can earn money by referring others to the traffic exchange program.
Some traffic exchanges like link referral gives you targeted traffic and your visitors can grade your site on a scale of 1 – 10.
Some traffic exchanges like link referral allows visitors to give reviews about your site.
You can use them while watching the television or a movie.