When the link disavow tool was introduced many greeted it as an answer to their prayers. Now many consider it a White Elephant for fixing link SPAM.
In slide 12 from Matt Cutts Pubcon presentation , two important points were highlighted in red:
• “Don’t use this tool unless you are sure you need to use it”
• Most sites shouldn’t use this tool
In Matt’s Disavow Links Video, he drives home the point that you need to make multiple link removal requests on your own. Once you have a “small fraction” of links left to remove, you should then use the tool.