The prolific Trott's have taken the time to write up the canonical reference: A Beginner's Guide to TrackBack.
It does the topic much more justice than I did in my attempt to explain TrackBack simply.
Heaven help the blogging community if Ben & Mena ever decide to have kids. I can envision a nanny being paid for bloggers so that the Trotts have more time to work on MT. :)
I guess I could offer them free entrance to Disneyland...