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Second thing is that users often don't see tool tips because of the delay -- you need to hover for a second or two.
I used to put clarifying information about shopping cart clicks in the alt tags and title attributes in order to get a tool tip -- "Click here to put the red widget in your cart". But I found there are better uses that are more aligned to the attributes' intended functions (and the search engine algos!)
Now I think that user-friendly text should be ALWAYS visible on the page, so that's how I place it. I'd bet that only a small percent of visitors read most tool tips.