If you submit to a directory or someone's resources page, you might get mysite.com as the achor text instead of "my keyword phrase". In this instance, what value is that link since there is no anchor text and therefore no vote for a keyword phrase? Thanks, Jon
You get value from the theme of the page and site the link is on, if it is related to your site. This can be just as valuable as a keyword rich link. There is also some evidence that you can rank for words near a link. I think I read that on Jim Westergren's blog.
It also demonstrates why the domain name can be important - if your keywords are in your url, you automatically get benefit from just a normal URL link.
Value in terms of page rank depends on the page from where you are getting the back link. Keywords in anchor text for back links benefits your site in search rank.
Without Anchor text will help u for getting backlinks and PR.With anchor text will help u for getting SERP and PR.