Official Google Webmaster Central Blog: Get a more complete picture about how other sites link to you

"For quite a while, you've been able to see a list of the most common words used in anchor text to your site. This information is useful, because it helps you know what others think your site is about. How sites link to you has an impact on your traffic from those links, because it describes your site to potential visitors. In addition, anchor text influences the queries your site ranks for in the search results.

Now we've enhanced the information we provide and will show you the complete phrases sites use to link to you, not just individual words. And we've expanded the number we show to 100. To make this information as useful as possible, we're aggregating the phrases by eliminating capitalization and punctuation."

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