I find that it is worth a couple of minutes of my time to submit to a couple of free directory / search engine submission sites. You will receive some backlinks but don't expect anything near the amount advertised. Your results will be better if the services keeps uptdating their list of directories that they submit to.
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This might seem as a silly question, but how important is submissions, and what is the major reason why we do them? Sorry guys, I'm new in this game.
The main benefit you can receive is a link back to your site. Links and anchor text are some of the major factors that the search engines use to decide what site they list first as opposed to one millionth. You will also get a bit of traffic from the listings.