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wheel - 1:23 pm on Aug 1, 2008 (gmt 0)
If the reply is good enough and on a well trafficked blog you can actually get some direct traffic from the post. I get a bit from this stuff myself, though not very much. In other words, it's my untested belief that nofollow blog comments provide little or nothing from a ranking perspective and little in terms of traffic. Not all blogs are nofollow though. The ones that aren't nofollowed though are very closely monitored so comments like 'I like your blog, very interesting' tend to get deleted.
If the links are nofollowed, the official party propoganda from Google is that it does not count for PR or linkjuice or trust. I assume they treat it as if the link is basically not there.