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You can really hit the blogs up hard and work up your link popularity, but they might be filtered out sometime soon.
Think of it this way:
Long term strategy vs. Short term strategy
Is it something you would do if there were no Search Engines?
I have to think the answer there would be a resounding yes, provided we are talking about blogs that are genuinely related to your site. And then you don't want to be posting comments like, "Cool! And chek out my site: www.blabla.com" -- make sure you only comment when you have something legitimate to add to the discussion.
[edited by: pageoneresults at 3:49 pm (utc) on Dec. 29, 2003]
And it'll be only a matter of time before Google will filter all those comments out of the index. If you're commenting at various blogs just to improve your PR than it'll work on the short term, on the long term it is a waste of time.
I do know one guy who's build a 'blacklist' for MovableType (one of the most popular blogging platforms). "Comment spamming" is at about the same level as the viagra, sex products, get rich quick type spam that we get in our email box every day.
If you're serous about being a part of the blogging community, then join in. If you're just doing it to increase your PageRank, it's going to show and you will be banned. Just say 'no' to spamming.