Google released a couple of new link analysis tools in Webmaster Central and SearchEngineLand has a pretty extensive article on the new link tools. 

I've often wanted a better listing of backlinks from Google and now they're providing one.  I have little to add additional to what's in the SearchEngineLand post.   I think the new tools will be helpful for SEO work and, obviously, it will lead to new insights in Google's ranking factors (however, detailed information on links provided by Google Webmaster Central will only be available for those sites in you Webmaster Central account.