My two cents:
I just tried working with this plugin and it does work, however, there are certain things I discovered:
1. I tried different delimiters and none worked except for [ and ].
2. The name of the link is case-sensitive. (Bah! I wish it wasn’t.)
3. It must be a link that was marked visible. So, I cannot create a bunch of private links that are not visible in blogrolls, but are visible when linking in posts.
Hopefully, the next version of this plug-in can address issues 2 and 3. Then this would be an uber-powerful plugin. ??