Is content swapping good? How does it work?

I'm doing a link-building campaign for my clients now and I keep getting link exchange or content swap offers.

Is content swapping the same as guest posting? I've read a few articles but it's still not clear to me. As I understand it, I create content for the other party that's around their target keywords and I insert my link there somewhere where it's relevant. On the other hand, they'll do the same for my client's site.

Am I on to something here? Please let me know if you have any questions. I'm very new to this. Thanks!