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Seems like the Google rep at the Search Engine Strategies 2004 Conference & Expo in Stockholm yesterday noted the following.
Q: What is up with the Google link: command?
A: Google says they are not reporting all your links back to your site. So think before using it.
You can read this over at the http://www.seroundtable.com blog. Check out Oct 27th and the entry called Link Building Basics.
Of course this is nothing new, but this is the first time I have seen a report of Google addressing or commenting on this issue.