Google seems to make the SEO’s life easier. The webmaster tools has grown from just the submit-my-xml-sitemap-feed to a good SEO diagnostic tool. You can see how often you are crawled by Googlebot, check the validity of your robots.txt and sitemap feed, top keyphrases you rank for and also top keyphrases that actually get clicked. And just a few days back, the nice break down of pages for the inbound links were added. And even more recent, now Google shows the anchor text data. You will find it under:

Statistics > Page Analysis > In external links to your site

I like it, but I will still use other backlink tools since it did give you the anchor text, and webmaster tools also gives you the backlinks. And now all it has to do is put those two together so you can see side-by-side what are the anchor text in the links from the sites that link to you.

Check Google Webmaster Tools and give it s spin.