I'm with Splashin... I think that's how it's done, but with blogger down, I can't really say for sure.
But on a related note, I've followed several blogs that I didn't intend on reading just because they followed me and I was returning the favor. Some of them, I actually end up reading occassionally when a post comes up in my "updates" that looks interesting. I don't know how many total blogs I follow, but I know it's more than I usually read.
I say, just keep following them... unless you really are never, ever going to read them ever. But to do it just in a "you didn't scratch my back so I'm not scratching yours way" well, to each his/her own I suppose. :) Good luck with whatever you decide :)