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This seems to offer considerable spam potential, although the idea of extending the community reach in that way is appealing. I also wonder about the advisability of hitting Pingomatic or similar services with thousands of new post pings every day.
Has anyone tried this in a significant way? What kind of results have you had?
I'd want to look hard at the implementation and understand what the risks of turning it on amount to. To me it seem like enabling referral spam with the added downside that the implementation is something a webmaster may not understand especially well.
Whats interesting is the number of link backs i get from my competitors, alot more than I thought I would