Is Link bating is successful in seo?

yes link bating is the part of link building and it is very successful in seo, google gives much priority to the link from contents.

Can you please give more idea about link bating?
not much aware about it...

Definitely , one of the most traffic driving tactic and it is useful too.

is it link bating or link baiting. I never heard a work "Link Bating" in the past

Its link baiting only, natural way of link building.

agree... it's part of link building and one of the fastest techniques in gaining traffic.. this should be done correctly it's not just posting.. here are some techniques I know:

Be the first to report a scammer
write some funny humor
write a joke to someone (but not that much offending)
attach an attractive images
give something valuable
and many more.......

this also can be done in HIGH PR and TRAFFIC Social bookmarking such as Reddit, Delicious, Digg, and social bookmarking such as Facebook, Multiply etc...

Link bait is not really clear to me.

All I know is I gain my quality links by doing the off page factors.
Can you consider that as a link bait process?

Link baiting (or linkbaiting) is the latest buzz word in the SEO world and has come to be the preferred way to natural link building.
It means to create something that naturally attract backlinks for your web page by getting people to talk about it, discussing it on forums, blogging about i, posting it on del.icio.us/Furl/Digg/Shoutwire and linking to it from their sites. It also attracts a lot of visitors.

Link baiting is a unique and popular way of achieving traffic for your blog. It simply refers to creating a "strategic content" that is designed to attract readers