I realize that spamming is an effective SEO technique, but why anybody does it is beyond me. If you want to promote your site, participation is a much more effective technique. You can get higher quality links, you know where your links are coming from, and you'll end up getting traffic from areas besides the search engines.
What is more baffling to me is why MSN and Yahoo haven't done much in the way of reducing the effectiveness of comment spam. Even Google is still following and indexing nofollow links. Is it really so important to have the highest number of indexed pages that you'll index anything?
Much like email spam, the major blogspammers are a small community. I would venture to say that 80% of comment spam comes from less than 60 sources. You can pretty easily identify these stooges as well - it doesn't take a rocket scientist to figure out what exactly they are trying to promote.
Once again, the sources of revenue are pretty clear as well, and it's the same group of vendors that supply us with email spam. I suppose there is too much money to be made to care what you are doing to the web in the process.
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