I've just started using a very helpful tool called RealLinkFinder - click here to download it for free.
Basically you give it a keyword or key phrase and it will go find a number of blogs which appear relevant to that phrase. It can limit its results to only those blogs that do not apply the "nofollow" attribute which means any comments posted there will most likely be followed by search engine spiders and benefit your search engine rankings. It's not a spamming machine as it does not generate the comments themselves and strongly urges you to add high quality, relevant comments so that they get accepted by the moderator of the blog.
It's easy to use and saves time but you still need to put effort into the content, which is how it should be.
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