A Whole Lotta Nothing: No one can have nice things! - Matt is disabling trackbacks on his site. Interesting is his observation that a few test trackbacks came through first, and only after these were still there 8 hours later did the big wave arrive. This aligns with the experiences of others - the spambots are probably still semi-automated at the moment.
At Phil Ringnalda there are more thoughts on trackbacks and whether they're even relevant anymore - and whether the way they're usually used even makes sense. His main point is the fact that many trackbacks are rather pointless - they simply point to a post that ultimately just contains a classic "me too" and points back to the origin. He would prefer context-based pings - you've written something on a topic that's being discussed elsewhere? A manual trackback to that post connects these two sites. This topic-based trackbacking was also the main idea behind the Internet Topic Exchange - basically just a trackback address and an attached wiki. It got off the ground to some extent, but it never really caught on widely. Similarly, LazyWeb - a post with a problem, a trackback to LazyWeb and maybe someone finds a solution - never really took off. Okay, it's running, but you would have expected more response.
These connections are exactly the sort of thing that's not so easy to do with Pingback - Pingback is based on bidirectional linking, whereas trackback would be interesting in these examples precisely because of its decoupling from actual links.
On the other hand, I constantly see poker spam on TopicExchange topics - and with that, such a system eventually just dies, unless enough gardeners are found to pull out the weeds.
That's enough from the self-referential techno-babble corner for now.