It's not spam if your comments are relevant to that specific blog. I use scrapebox to create a list of blogs that will take comments and then check page rank and *do*follow - removing those with no page rank. I then manually post a very relevant comment that is almost always approved by blog owner. It is a great way to get backlinks with your desired anchor text on relevant sites.
I usually live comment on interesting post from huge blog site like mashable and allfacebook, I don't really expect to much traffic but just for sharing thoughts and online exposure.
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