By launching this tool, I think Google admits that their algorithm is flawed and it requires manual assistance. But again, Google is clever and they get this assistance for free from some people who have nothing better to do than monitor their back links all the time.
This link spam hunting is becoming ridiculous. Now many webmasters keep doing whois on domains and sending emails or completing contact forms asking their links to be removed.
Why not use this time and energy to improve the quality of the site?