What I have experienced is Guest Blogging is too effective these days for link building purposes, you must use it if you are going to build quality links to your site.
@Steve_SmithDec 19.2012 — #Guest Posting is still a most popular ways to get backlink and traffic. There are numerous blog where you can get chance of guest posting bot i depends on category.
@johnmithDec 19.2012 — #Guest Blogging is very effective in internet marketing...by this we can increase our website promotion along with good backlinks to our website...
@OptiMatrixDec 19.2012 — #after updating new algorithm of Google penguin , quality content is more powerful. and it is updated regulary for our website. Guest
Posting is the only way to submit new content for our website. and getting quality and different C Class ip backlinks. it is more
@kasnakeDec 19.2012 — #For an effective Guest Blogging strategy we need to be able to follow certain steps we can also use web tools to effectively monitor our link building efforts:
Research Guest Blogging Opportunities
Brainstorm Blog Topic Ideas
Reach Out to Blog Owners
Write & Optimize Your Guest Posts
www.webtoolson.com is a very good example of a site that has been promoted exhaustively on guest blogging sites mainly because of its relevant content of web tools as well as a free joomla website that is offered that can be modified according to the users choice.
@ProSenceauthorJan 04.2013 — #Guest blogging and using top article directories would give good benefit today, if you are using top article directories then try to submit only unique content for better benefit.