Sushubh, I count pingbacks as a benefit.
It makes it much easier to refer to a source when writing in my own 'blog, as well as being easier to be referred to. Sometimes, someone might say something that strikes you as insightful or funny, so when you link to it, your readers benefit. But what of the other person?
Pingbacks make it easier for the other person to benefit: What if, in response to an entry, you write something they find insightful? Without pingbacks (or trackbacks, but I find these too manual to remember: must ping a special URL just to do it; pingbacks are much simpler, and thus make things friendlier on users), that person would never know.
And, honestly, my biggest reason for choosing WordPress was that it supported pingbacks. After reading xiven.com and ln.hixie.ch and all their talks of pingback, I really wanted it.