Aaron Wall (seobook) has updated his Backlink Analyzer tool. If you haven't tried it yet, you should. First of all, it is free, and free is always a good thing.
What is Back Link Analyzer?
A free link popularity / link analysis tool. It shows what anchor text is linking into a page or site. Essentially, it does anchor text analysis. It's a Windows-only download for now, and presents results in a spreadsheet type format.
So what's new?
I added PageRank to it (hopefully that doesn't piss off Matt too bad), made the search term feature more reliable for deep backlink analysis (ie: it shouldn't crash if you are doing an analysis of the keywords in thousands of backlinks), and it also shows what URL extension the links are coming from, as well as the page the links are pointing at if you do a linkdomain search.
In my opinion, analyzing backlinks, especially with anchor text analysis, is one of the best ways to analyze a site. Not the only way, mind you, as there are plenty of aspects to good optimization, but this is one of those things that not only is important, but is also difficult to do manually. So, Aaron's backlink analyzer tool is a great addition to anyone's toolkit. Check it out. And thanks to Aaron for supplying such a great, free tool.