Well Linkbacks are only one aspect of vBSEO. Since we have vBSEO installed, yes we are using Linkbacks. I'm not entirely sure I know what the benefits are, but I like being able to see what sites are linking to us, and in what context.
Very cool. Let me know if you have any questions and I'll see if I can help. It was confusing for me at first, too but their support forums have a lot of helpful threads.
Yeah their support forums are quite extensive. Don't let it overwhelm you I also like seeing where and who is linking to me. I never approve them though. I always keep them moderated.
I don't think they should be approved at all really. It is just a link out from your site. Depending of the quality of the site linking to you it could hurt your page rank if you open up that linkback. It is nice to see where they are coming from though.
You could always see referral links in the server logs if you want, but it is more convenient to view them in the control panel. I only approve the links that say something nice about my community, but it's occasionally useful in determining where a troll attack is coming from
I've heard of it before...back during that invasion of that other site. The other forum kept talking about it but I didn't understand how it worked.