I believe that commenting on blogs is a good way of building links and traffic to your own blog. But, how do search engines value the link on a comment, compared to the links on the blog post itself?
As to links......
just try to consider the mighty web of a spider as opposed to the Internet
the lines that are attached to stable places hold the key to the entire reality the snares between the lines are as comments an participations go each main line feeeds quite ofter the rest of the connections through participations .
Those that have the strongest webs survives the most also a constant updating to your own blog do much more that a tiny comment on a highly popular site although the value of such external sites in a comment should not waver your quest due to those binding strengths can influence your position quite a bit.......
say pennies on the dollar as opposed to dollars to dollars
your site ranking go way up the more strength an visitors that are return viewers an those whom post an comment on your work is more influential to you than your post / comment to them they may be highly popular an allready there as to making effective standing lines anything i mean anything pertaining to the web matters to rev up the up n comming blogger
I have several web postings here are a list of just one site that has 60 blogs on it that I created check it out there may be several postings that may be helpful to you > http://www.blogger.com/profile/17420780266615900056
check it out then if you need more I'll be happy to tell you more on a return comment or communications
The link on the blog post weighed a lot since it is authoritative and permanent and consider as quality, however the link on the blog commenting is effective as well as long as it is relevance and not spam.
Indeed the link on the blog post consider as more competent but the link you did in a blog commenting is important also because it is also consider as quality if your made it in the blog related to your niche and of course if your comment is nice and helpful.
Here is a blog post that will let you know how blog comment is a part of successful blog..
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Other people asked questions on various topics, and are still waiting for answer. Would be great if you can take a sec and answer them