"If you're not using this, it's worth giving it a try. The purpose for this is to have notification when new links to your site are found by Google. This can be very good for any linkbuilding campaign.
<edit> I almost forgot. You can set it for Blogs, news, web, etc.
The search term should be: link:http://www.example.com
You can set the frequency to as soon as it happens, once per day, or once per week.
It's very handy for watching progress of Google picking up new links to your sites.
What is the maximum number of alerts I can create?
You can create up to 1000 alerts. To create more alerts, you can either delete any existing alerts or request alerts to be sent to a different email address. Please remember that you can only have up to 10 unverified Alerts at any given time."