Getting backlinks by commenting on high Pagerank blogs seems like a straightforward strategy. You find high-PR blogs that don't use the "no follow" tag, make your comment, and now you have a high value IBL (In-Bound Link).
Unfortunately, it isn't as straightforward as it may seem.
Unlike traditional static web sites, blogs are dynamic. What's on the home page - the index page - today, may not be there tomorrow.
The problem is that for most blogs that have decent Pagerank, most if not all of that PR is on the home page. Sub pages generally have much less Pagerank.
So what happens when you comment on a high-PR blog post? Well first off, comments usually aren't on the same page as the post anyway.
More to the point, however, that homepage post will quickly roll off the home page. Hence, your comment will lose much of it's juice.
Blog commenting is a good strategy for building links, just make sure you understand it!
UPDATE
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