Having tooltips on icons and images is understandable and the same goes for small pieces of links where tooltips may elaborate to the user what that particular link would do. Sometimes, however, people use a tooltip on a textual link which already says exactly the same thing as the tooltip.
Personally I thought this was not a very good idea but seeing that even big companies do so in their web application (gmail, for example, which says 'Inbox' when you mouse over it) I guess there is some valid point.
For example if a website has a link with text 'Home' and when I mouse over it, it says 'Home' in the tooltip. Why is this practiced like this? What is the point?