Link Baiting : A Four Step Approach

1. Write Down Everything:  This is the mental hemorrhaging phase wherein we all just blurt out any and all ideas that come to mind.  Don't censor or edit yourself during this phase; take down every idea no matter how bizarre, idiotic or far fetched it may sound.
2. Breakdown Your Ideas:  Once you've squeezed every last drop of creative juice from your head, it's time filter everything out.  It's a good idea to breakdown each idea (no censoring or editing yet) into its Concept and Content components.  That is, what is the format (Concept) for the suggested LinkBait (tool, widget, top ten list, how to guide, blog post, etc.) versus what is the subject (Content) of the suggested LinkBait (Wii, iPod, PPC ads, pigs, celebrity weddings, etc.).  Separate these into two lists.
3. Evaluate Content: Ignoring your Concept list, critically evaluate your Content list.  Are there time-sensitive ideas? Are there some that can wait for a relevant piece of news to complement them? Are there ideas you'd really like to write about? Are there ideas that can go into storage for a dry-spell? 
4. Mix and Match: Once you've prioritized the Content, you can now mix and match it with your Concept list.  No story/content is beholden to the original format you brainstormed it in.  Is your story something that might make Digg? Then consider the Concepts that do well there: top ten, how to, etc.   Can it be interactive?  Perhaps a  tool or poll Concept would be effective.  By marrying your priority Content to the most appropriate Concept, you can optimize the effectiveness, reach and novelty to your intended audience.