diberry - 4:10 pm on Apr 23, 2013 (gmt 0)
Pinterest can be a very good source of traffic if you target the right niche. I have some sites getting over 15k uniques a day from Pinterest alone, others not so much.
My experience is similar. Obviously it's not working for everybody, but the traffic is can bring to SOME sites in SOME niches is strong, and converts. Furthermore, in my case, it tends to lead to natural backlinks.
I think Google must be counting Pinterest links *somehow* because I have one page that has nothing but a very steady flow of Pinterest traffic and a few modest backlinks from decent but low profile little websites, yet Google ranks it very well.