The most important set off tools in a webmasters tool kit is the mighty Google webmaster tools or GWT as its fondly called by webmasters. The interesting thing is that its actually not a tool you can have in your tool box, it more a set of tools you need to register to use at Google's website.
Here are just a few of the things GWT can help you achieve with your website:

Improve your site ranking in Google SERPs (search engine result pages)
One you register and verify you account with Google webmaster tools, you have a raft of tools that can help you see how well your site ranks, what keywords are your site responding to and much more.

See Google's view of your site.
One of the tools in GWT allows you to see how Google crawler see your site, this is very useful when you need to diagnose problems relating to your site ranking in Google.View your link and query traffic
You can view and download detailed data about internal and external links to your website. The tools also tells you the keywords that brings traffic to your site, you will know exactly which lading page brings the traffic in.

Provide Google information about your site
Provide detail information about your site to Google via site maps, you can specify which pages Google crawlers should crawl more often, which one they should crawl less often etc.

Communicate with Google about your site.
You can communicate directly about Google via GWT and Google are able to communicate with you as well, for example is a page or image in your site has been reported to Google say for copyright issues, Google will remove the page from their index but they will tell you about it and give you the opportunity to put things right and tell them about it so that the page can be reincluded in Google SERPs.

You can register to use Google Webmaster Tools from here.

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Yes, Google webmaster tools is the most important, the best and it is most widely used tools out of all webmaster tools.

I've just verified my site.

Google Webmaster Tools is a must-have for any webmaster. Not only does it give you great tracking and tons of statistics, but also helps you improve your indexing and rankings.

Definitely a tool to become best friends with.

Google webmaster tools are a great free source to know where your website is standing. You can get lot of analytical details to improve your site's SEO ranking. Learn the basics of seo and use the Google tools to effectively monitize your site.

iv'e been using webmaster tool and google analytics. Both are very useful and helps me to track those link that i have made if they are useful or not.

Ya Google webmaster tool is very important tool in SEO. Most webmasters used this tool.

I've used this tools for long time and it was really help me to increase increase my blog earning.

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Have been using the Google websmaster tools for quite some time now. Along with Analytics they can be very useful in optimizing site