I am certainly not an SEO expert but I sure know what search engines are trying to do, specially Google when it comes to algorithm changes. Google isn't working for you, we are working to get ranked on Google. How would that happen? Take things naturally.
Blog commenting has been abused these past few years and this is to hopefully manipulate the rankings by dropping their anchor text links in which their targeted keyword for the main site. Use this method as a medium to improve the blog sites post or content by providing useful suggestion and ideas.
Blog commenting is a great way for the start and it does get you the visits, in fact, I get more visits from commenting than Google search!
I just know one thing - if you try to spam something, you will land nowhere. Comment on my blog with "wow, great post. Thanks!" and I will delete that post. I don't want to get garbage added to comment section when other people are writing meaning stuff or asking some questions.
There are rules for commenting -
1. Read the whole post and understand it
2. Write relevant comment that adds value
3. If you get reply, go back and check it. If required, reply back - this builds a repo with the author.
4. Try to add keywords from blog in your comments
5. Try to be first to comment on a post - you get more visibility
Conclusion
If you write something meaningful in a comment box, you sure will get approved but if you are there for spamming, nobody will take it.
About his method, it more of seems spamming and blackhat so I would suggest not to even test it on a good going blog.
Lastly i noticed, that blog commenting is a quite popular among Indian bloggers. Actually, there are a lot websites with link profile, where the name and the surname of the owner has the main percentage of all website's anchors (obviously due to blog commenting).
What do you think, is it safe enough to rely on this method above all?