I have a theory. The theory is that within Google's webmaster tools, the "external links" feature that shows all of the inbound links Google has found to your site is coordinated with ones ranking in Google's SERPS. In other words, when the external links page within ones Google webmaster tools account updates, ones ranking updates at the same time. That is my theory. This is how I plan to test it- I recently obtained a lot of new inbound links, many of which are now cached by Google but are not showing up in my webmaster tools account as of yet. I will be checking my account frequently, and if my theory is valid my ranking will change once my new external links show up in my webmaster tools account. I will post my findings here as soon as my Google account updates the page.
I support that theory too. I have found some effects on the rankings of some of my articles through it.
Webmaster tools are amazing. I also use it a lot. It also very very fast. unluckily yahoo doesnt have it.
Your google webmaster tool that shows up external links should update quicker than your results will actually change. I have monitored this for quite a while and see many changes in external link counts well in advance of actual site positions changing or PR increases.
This is the kind of feedback I am looking for. I want to know if the external links page can be used as a tool to determine if ones link building efforts are having an effect on ones rankings. Thanks for your input.