Google Webmaster Central has upgraded the anchor text reports. Previously, the report provided individual anchor text words only. But now the report includes full anchor phrases. The new enhancements are:

• We've expanded the number of phrases we show to 200.
• You can now see the variations of each phrase (for instance, with different capitalization and punctuation).
• More sites now have access to the anchor phrase report. So, if you didn't have this report before, you may have it now.
• We've brought back the report showing the most common individual words in anchor text (you asked; we delivered!).
• We've expanded the number of common words in anchor text and common words in your site that we show to 100 each.

If you are still wondering how this might be of help, here is a helpful elaboration by Danny Sullivan.

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