Neato is a great tool from WeBuildPages (Jim Boykin & Todd Malicoat's excellent SEO shop). It analyzes backlinks (up to 1000 at a time) and their respective anchor texts. It's actually insanely valuable for the experienced SEO, as you can pretty much guage rankings in many competitive areas based on the anchors coming to you.

I think it's also got a good use as a way to see if your link building efforts "stick out like a sore thumb". I note that SEOmoz, which had completely natural links coming to it looks pretty different in terms of patterns than some sites for clients of ours. I'd love to see some comparisons of all-natural sites vs. all-SEOed sites - probably good information to glean from that.

Since I noticed this tool via DD's blog, I think it's worth mentioning that she's now a grandmother (along with being a top-notch SEO). Congrats Donna, to you and the newest member of your family.