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I'm brand new to it so my explanation probably won't be the best but maybe it's no more complex than what I'm about to tell you.
Since (as you mentioned) quality, relevant backlinks are necessary towards being appreciated by Google and success in general, working towards getting a decent Page Rank, Linkspun is a well known just a place where people enter all their Domain URLs and simply Trade Links to each others pages towards the purpose of SEO.
So its a network of webmasters and their websites for trading hard links and the concept is actually very simple and its very easy to use... As to whether it works or not... I don't know, but I have been able to get 2 niche backlinks already that I normally would have had to pay for...so I'm happy.
How it works: Enter all your web sites, browse the network, find site(s) you want to trade with, propose a link exchange, add the requested HTML code for their link < a href="yoursite(.)com">Your Site's Name< /a> wherever you desire and once both parties approve and all links are posted, the trade is officially activated.
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