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The text in the title attribute might help marginally, but it's probably no great benefit. The best bet is to make it good for someone who hovers on it, and if that helps with the SE's, cool.
In img tags, alt text would be the same approach, (imho, etc)
[edited by: Stefan at 12:27 am (utc) on April 30, 2004]
alt tag in links, does it get indexed?
Based on recent discussions concerning this attribute, it doesn't appear to factor into the page relevance.
The official name of the attribute you are referring to is the title attribute. The official name of the alt tag is the alt attribute.
Example of the title attribute...
<a [b]title="Do Not Use Click Here Text"[/b] href="file.asp">click here</a>. For instance, visual browsers frequently display the title attribute as a "tool tip" (a short message that appears when the pointing device pauses over an object).
References
The title attribute plays an important role in web site usability and accessibility. Certain elements must have a title attribute to pass specific levels of WCAG (Web Content Accessbility Guidelines) conformance.