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When someone adds this kind of value to my blog, I am more than happy to give them a link to their blog that passes PR. That will help them build readership of their own blog, grow community even larger, and add to richness of discussion. These are exactly kinds of links that any webmaster should want on their site!
Adding a nofollow tag to comments can only quash this discussion. It can only discourage commenters with most to contribute from taking time to add to discussion. After all, if time I spend on another blog doesn't contribute to growth of blogging community as a whole or aid in visibility of my own blog, am I going to spend as much time and effort doing it?
Anything that decreases open flow of discussion currently enjoyed in blogging community is a bad deal for bloggers.
The question that should be asked is this: why is comment spam so profitable? After all, if it weren't profitable, so many people wouldn't be going to such ridiculous lengths to do it.
The answer to this is obviously Google's link-heavy PageRank algorithm that forces webmasters to get every link they can to get their site's indexed and ranked. Most webmasters know that in order to get ranked in Google, they had better have a ton of links to their site.
That's problem with PageRank as an algorithm. It encourages artificial linking between sites that no longer has any relevance whatsoever to goal of providing good resources to visitors. Do we really believe that most reciprocal link directories provide a resource to our visitors? Not likely! If websites are real estate, reciprocal link directories are slums, seedy bars and tattoo parlors on edges of polite society.
Whole businesses have sprung up as a reaction to PageRank. I'm talking about link auction and link selling sites. Under PageRank system, sites aren't being ranked by who provides best content, but by who has deepest pockets to buy most links. Or, in case of comment spammers, whoever wants to spread their bots all over internet spamming blogs. This system has over time totally skewed natural linking between sites that once dominated internet - very thing that Google's PageRank system is supposed to reward.
Ironically, blogs are one of few places left on web where linking is actually about providing good content to visitors and rewarding value provided on other sites. Bloggers as a group are most likely to link to sites because of content value to their visitors. Their links are very likely to be very topic specific. You don't find that on other sites. These are kinds of links that I would assume Google would want to encourage through their PageRank system, not those junky reciprocal link directories or purchased links.
It would seem to me that only effective way to cut down on comment spam and all artificial linking techniques Google purportedly wants to thwart is not by making life harder for bloggers - very people who link in most relevant fashion. But at taking a second look at their own PageRank system and whether it is really serving usefulness of their own search engine and whole web in 2005.
For more tips and ideas on how to make money blogging, be sure to visit my "Why Marketers Should Blog" weblog at (what else) http://www.WhyMarketersShouldBlog.com