BTW - I'm pretty sure that you can paginate comments and that there are Infinite Scroll plugins that will also load them progressively as you suggest. I just don't know them.
I do have posts with maybe 100+ comments, some of them really long (like comments that fill more than a full desktop screen, so 1KB for a single comment. If they are cached and your only extra overhead is the comment itself, the extra load for all of them is less than the Javascript required to run Infinite Scroll.
At a certain point, it's worth using Infinite Scroll or pagination just to help with UI issues (rendering that long page might start to be an issue too). Plus at a certain point, people get antsy if they don't have something to click. So if you are frequently over 200 comments, that might be a UI problem. But from a load time point of view, I think you'll be looking at many KB of Javascript, so you have to have a lot of comment text before it's worth adding Javascript and AJAX calls to avoid just loading the whole mess of comments in the first request.
If you are getting a lot of intelligent comments and show them on the page, I think your page gets "stronger" over time - eventually you have every imaginable variation of your target phrases in the comments and sometimes, if you're getting really good comments, you can go back and update the article, moving the best info from the comments into the main article, which also strengthens it and is a nice "Thank you" to your users, who are usually flattered and more engaged.
And topic that generates 200+ is out of the ordinary. IMHO
Yes, they are. But when we land a topic like that, we don't want to let it go. In a thread that is getting a lot of comments, I am extra attentive to making sure commenters get a response and to just generally keep those active, because I think comments are the best measure of engagement on a blog. If you have a lot of pageviews and a high bounce rate, you might be doing well in search, but fialing your reader. If you have a lot of pageviews, a high bounce rate and a lot of intelligent comments, then you can guess the bounce rate is because you're actually meeting their needs and after that, they're done.
You still might want to do something about the bounce rate, but what you do in each case is going to be different.