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Max is correct. Since about WP1.5 outbound comments links have been nofollowed and while faxxaff is correct in that google does indeed follow the link it does not attribute any of the PR or link juice or whatever mojo you use to describe it from the page.
Therefore, as a link building strategy, commenting doesn't work.
What commenting does do is it helps the originator of the post. Somehow, someway google appears to credit some type of authority to posts as they gain comments.
If your looking for a win/win scenario in blogging, and it's totally counter intuitive to adult webmasters, is start quoting other people in your posts. Be sure to attribute the quote with a link to the originating post generating a "ping back".
It's a win for the person being quoted because they get a link back that does include a certain amount of link juice and a organic link surrounded by relevant text but it's a win for you as it seems "G" attributes this type of behavior as a positive and seems to reward some type of authority to the post because of it.
Disclaimer: These are strictly my opinions, I have no inside working knowledge to base them on, just my personal experiences and a little bit of common sense.
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