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I often use it to let people know where they will end up if they click the link, but not sure if it has any SEO value.
Talking about something like:
<a href="books.html" TITLE="Visit our online bookstore for reduced price book">discount bookstore</a>
And what do you think is a reasonable use of this tag without it coming across as spammy?
They have a google webmaster account and they were sent an email from google telling them about the "problem".
They cleaned up the alt tags, did a reinclusion and return to the the index.
I would be carefull in any "href" title or "alt" overusage.
I never considered it, before the above experience.