There was an interesting paper at IMC'09 called "IXPs: Mapped?", which fused data from various sources to get a more complete picture of peering at IXPs.
Here is one phenomenon that I think would be worth further research:
In the original model, the IXPs is at a colocation facility, where ISPs put their equipment (routers) and connect a router port to the exchange point switch via in-house cabling. But there's another option, where the ISP doesn't put a router up at the physical IXP facility, but instead connects an existing backbone router to the IXP by means of a leased line - could be a leased wavelength, or an Ethernet-over-{MPLS,SDH} service. Looking around me, I see this happening very frequently, e.g. quite a few medium-size Swiss ISPs lease bandwidth to Amsterdam, Frankfurt or London to connect to the large IXPs there (AMS-IX, DECIX, and LINX, respectively).
It is important to understand such non-local peering, because the impact of the access links can be quite large in terms of speed-of-light delay, and some transport media - e.g. Ethernet over MPLS - might be subject to unnoticed congestion. Also, long access links might be more difficult to upgrade in a timely manner when needed.
As an illustration, here's a traceroute between the ISP I work for (SWITCH, AS559) and an ISP in Gibraltar.
$ traceroute www.broadband.gi traceroute to www.broadband.gi (85.115.130.100), 64 hops max, 52 byte packets 1 swiws1-v4 (130.59.4.2) 2.652 ms 0.271 ms 0.259 ms 2 swics5-10ge-1-4 (130.59.15.181) 0.334 ms 0.308 ms 0.317 ms 3 swics3-10ge-1-3 (130.59.15.189) 0.412 ms 0.336 ms 0.340 ms 4 swiez2-10ge-5-2 (130.59.36.18) 0.358 ms 0.347 ms 0.356 ms 5 swils2-10ge-1-1 (130.59.36.205) 4.001 ms 3.916 ms 3.983 ms 6 swiel2-10ge-1-2 (130.59.36.70) 4.081 ms 4.036 ms 4.069 ms 7 swice3-10ge-1-3 (130.59.37.65) 4.826 ms 4.843 ms 4.879 ms 8 ge-0-1-8-1.madrid.sapphire.gi (195.69.144.163) 58.489 ms 58.552 ms 58.530 ms 9 ge0-1-0-0.jcore2.gibraltar.sapphire.gi (85.115.128.63) 75.874 ms ge0-0-5-0.jcore2.gibraltar.sapphire.gi (85.115.128.49) 78.614 ms 78.640 ms 10 85.115.128.18 (85.115.128.18) 76.205 ms 76.101 ms 76.203 ms 11 * C-c C-c
Can you guess in which city we interconnect?