CainIV - 2:19 am on Jul 11, 2011 (gmt 0)

But what if those blog comments were on a moderated blog of PR6 / PR7 and the blog owner only allowed a select few comments in the first place (maybe 3 or 4 per post) and none of them were of the traditional spam variety.

Of course. It is the number of outbound links, the relevance of the outbound links (hub score / bad neighborhood) and authority of the root domain and website that dictate the trust and weight the link passes currently.