From what I have read on the pre-release materials, it sends trackback notifications to create one-way links to your website.

That means:-

• You are not being referenced on the site sending the trackback
• You are not being linked to by the site sending the trackback

This is Blackhat, lots of tools have been available for this kind of thing in the past, and this kind of software is actually fairly unpopular even among most shady web masters.

Fortunately it is not very effective on active blogs for a number of reasons.

• It is becoming much harder to monetise sites which are using trackback spam. Bloggers tend to be quite vocal and keen to report such sites to Google.
• Blogspot uses linkbacks – even splogs have to reciprocate a link – Google should really provide a way to moderate linkbacks.
• WordPress has a number of good solutions to handle trackback spam – my favorite is Spam Karma which always checks for a reciprocal link, and my installation also has quite a growing blacklist.
• Most bloggers who receive a trackback actually check them

There might be some minor success on old abandoned WordPress blogs, and maybe abandoned blogs on other formats, but those generally are low quality, and fairly low traffic.

So even if you want to wear a black hat, this type of tool is becoming more and more useless daily.

Disclosure: I do have some past history with the developer, as I purchased Domain Dashboard his previous product, and whilst many people were satisfied, I have never managed to get Domain Dashboard working consistently for all my domains, the product hasn’t been updated for months, and support was unresponsive.
I didn’t ask for a refund – if the product had worked with my various hosting plans, it would have saved me a huge amount of time daily. Maybe in the future it will, because I am thinking about moving a lot of my hosting.

I don’t think there is much of a legitimate market for this new product. Most people I know who dabble on the dark side already have similar solutions, and those who I would look on as “grey hat” don’t dabble with this kind of trackback spam.