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I have to agree with everyone else- content is king. If you have good content and eyeballs on the page, getting links is not a difficult thing. As an aside, I get a decent amount of traffic from people clicking on my name in comments I left on other folks blogs, so I would always recommend putting your url in the space provided.
Will the link still count even if you sometimes can not see it in the comment? Sometimes you see only your text but the url is hidden but is it still for google to see?
Most blogs have "nofollow" attribute in their comment module, so these comments are not counted towards the backlink figure.
Make sure you are getting links from a blog with relevant content. Its not just the link....where are they placing the link on the blog? I'd think about blogcarnival.com or paid posting
Well, I get direct traffic from those who click on my name, so I do not know about it being a waste of time.