Maybe we are all confused as to what a trackback vs a pingback is ... because we read the documentation :-)
Says: For more information about Trackbacks see Trackback explained. (Which doesn't exist yet.)
Compare that to: http://wordpress.org/docs/reference/post/#pingback
That tells you what the thing does, but not to what effect. Perhaps it is time to further develop those areas a bit, especially for people just getting into it.
I have not fiddled with trackbacks much, but I am trying figure out the real value of using them. Obviously you may discover some common discussion. I understand it may help in search optimization. But what I don't get is why I am getting slammed with trackbacks when I don't show them on my site. I presume it must be an automated process to submit them because they would otherwise realize it is doing them no good. They don't have a link to my blog on their site and I don't have one to them. I do get their emails ... is that the point? I am deciding now whether to upgrade to 1.5 or give it a week or two more for the shakeout. I am still running 1.2.2 on most of my sites.