You guys should check out this open source version! It check the links, emails you changes, email the recipient, waits for your approval of the links. It does everything really.. http://linkdr.net I'm having trouble making the category url's cleaner with .htaccess, but that doesn't really matter, you should definitely check this out, it also checks PR.
There was a website that I found that offered this service for free, I cannot remember the url, and I was too stupid to bookmark it. It began with an "S" , it was a website that required you to sign in monthy and view your backlinks, it would scan sites linking to you to make sure they kept up their side of the deal. The cool thing was that it was totally free, I wish I remembered the name..
Try http://www.timwebtool.com/2010/10/28/reciprocal-link-checker/. It checks for backlinks and shows if the link is dofollow or no follow.
I found it, it's frelic.com , it's totally free and does a really good job of monitoring back links, reciprocal links, paid links and indirect links, it even automatically email's the admin, (with your approval) if they delete your link. Really good website, I use it with all my links, really saved me a lot of headache.
I made a free site: linkexchangechecker.com Every day it will check to make sure they comply to their agreement with you and check that their link to you does not have a "nofollow" relation, or that their page does not have a "noindex" or "nofollow" meta. It will also inform you if their pagerank changes. These are just some of the nasty tricks these webmasters play.
I have tried it unsuccessfully, I want to sign up but after I sent all my data required, all input box become blank with message appear please try again without any other reason or even clue why I should resubmit my data. It looks strange.