Our web design blog just launched the TechBloggers directory for blogs relating to web design, graphic design, PC hardware and software, mods, digital video, etc. Blog submissions get "DoFollow" backlinks in their own profile page and there's no link farm stigma attached to our method. I know this for a fact because I've been doing the exact same for CineBloggers (the movie blog directory) which has over 100 submissions in the last year (75 online and 25+ waiting to be approved).
Of course we would love to have a link back to us in return but we aren't strict on it if your site's design won't allow for it. Our main goal is to discover and promote new and smaller tech-related blogs.