the problem is that usually you can't put links and pictures in free press-releases. So to make people search for your site you are to write really great press-release
You can do it for free, and still get the best results... but it would involve research and manual distribution on your end. AP is free to submit to, and that's certainly worthwhile if the story is newsworthy enough to get picked up. www.PR.com will at least get you into Google News with their free distribution (PRweb doesn't). But the short answer is no, it's not a waste of time. It just depends how you go about it. Simply submitting to every free wire out there probably isn't going to bring you much in the way of media coverage. Jenn
I cant say the effort was worth the trouble but then perhaps if you know what you are doing it can pay off.