Has anyone used this to generate backlinks and is it a bad or good idea?
Can’t see how it could hurt you and it’s free, just try it and let us know how it went 
I’ve tried it but for now I don’t see anything happen.
Is there any way this could harm a site’s ranking?
i have, and its worked fine especially if your mega lazy
I use Social Monkee daily and have been for almost a year. It’s hard to judge the actual ranking boost it may or may not give, but given that it is free and only takes a couple of minutes to do, I feel it’s worth the effort.
Where it has helped in a way that I can definitely see, is getting new content indexed. I’ve seen bookmarks from Social Monkee get indexed by Google within hours, and the content I’ve linked to in those bookmarks within hours after that. So, it’s definitely a good tool for helping new content get indexed, I think.
It is not very effective tool. I can give it 5 out of 10. It is an average link builder tool.
it’s not that much great…as google panda catchs it well…and u get backlinks from different niches mostly…that’s also bad for better PR…