Lots of responses here - I won't beat a dead horse. I will say that both nofollow and dofollow links are useful, especially if your anchor text is consistent and you have a good mix of both types. However, if you plan on employing blog links as your only link building effort, your campaigns likely will not perform as well as you're hoping (regardless of if you have only dofollow links, or otherwise).
no follow links are surely not helpful through SEO point of view as they do not provide any backlinks but still they can be considered to drag traffic.
All I can add is that if you are busting your hump manually submitting comments, you may as well take the time to find do-follow blogs and enjoy the fruits of your labor as much as you can. If you were working in brick and mortar and somebody told you that you can make $3 more an hour somewhere else for the same work- wouldn't you take it? Optimize, my friend.
I have learn a lot from other people in this forum, before I just only think about dofollow that will work, in fact nofollow also work for driving traffic, sure it will not calculated for PR
Nofollow links are useful for getting your site indexed, but not for increasing ranking. So if you have sites that just need indexing they can be useful.
As many webmaster have replied no-follow links are not effective in terms of SEO, i am agree with this. SEO is all about link popularity so no-follow links are helpful in this term and u can improve your traffic also from no-follow links. For example- i do article posting for my websites some of article give me no-follow links but i am satisfy with that because i get good traffic from there.
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To lessen some types of serch engine spam, google created no follow attribute link method. It reduces the effectiveness of link in search engine result pages, and thus it is valueless. But it does not mean that it is quite futile if you do comments on blog. It has some value its own and brings a considerable part of traffic to your website.
Nofollow links are not useful for google but yahoo and bing consider it. Also, nofollow links help to increase traffic.