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On an inner page, I made up and placed "tintle bintle" in the alt tag of the home page linking logo, and now that page comes up on a search, and the cache displays the message "These terms only appear in links pointing to this page: tintle bintle ".
However, it's the linking rather than the linked-to page that is returned, and neither comes up in an allinanchor search.
IMO, the allinanchor result would point to Link and Alt text being viewed quite differently, and the linking/linked-to page thing could well suggest outgoing links have some bearing on the linking page.
For me, ALT works well just like link text. Of course you can't stuff in a lot of keywords in it. If that's the case, the link text might be ignore, or the page being banned.
Once upon a time a webmaster asking for help here because his site is banned and GoogleGuy came out and says he actually stuck in a lot of keywords in the ALT which result in the penalty.
In penalty do apply, it means that ALT will be as important. Else they don't need to do anything, do they. :)