Yes.... we're working on a tool right now that will allow you to build up a threaded list of an entire "discussion" using TrackBack. Take a look at this post.

TrackBack seems to work great for automatically updating your site with people who refer to one of your entries. That's useful I suppose, but I thought that the way it would (could?) work is more of a threading of ideas layed over blog space.

That is each person's TrackBack link would show all entries that are talking about a subject, and organize them in a hierarchy so that  you'd get something like:

Original Post
...TrackBack Level 1
.......Trackback Level 2 *You Are Here*
.......TrackBack Level 2
...TrackBack Level 1

I haven't explored the technology at all, so maybe it's still possible to do something like that. I hope so because that is far more interesting to me than the uses I've seen so far.