Google just made a blog post announcing a new part of thier webmaster tools set that allows you to see what anchor text is being used in your backlinks.
this is a lot better than the "common words used in anchor text" that they used to offer.
Many people speculated that this was in the pipeline since Google webmaster tools started giving a more accurate account of your backlinks.
Login to your Google webmaster tools account.
Select the site wish to view
Click the "statistics tab"
Click the "page analysis" link
The data is towards the bottom on the right.
