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For better outcome, you just need to follow and loyal to certain high PR blog.. don't ever comment and forget, comeback and give more reliable and relevant comment until readers and admin of the blog notice you.. you might get chances to get free guest posting :)
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I think blog commenting is hugely valuable. You just have to have a personal approach ie. if your site is about parenting, comment and make friends with other parenting blogs. I can't stand those comments that say "nice site" or "this is valuable post will be back". They are pointless and REALLY annoy the blog owner.
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When making a blog post. You could add links to other similar blogs (recent) that has a pingback. I have gained many visitors that way. :)