Days ago, when i do walked by on BC to find some good news and also to promote my blog. I found this useful thread. It's all about a lesser known method of Blog Promotion. If you interested, read it now!
Written by BlogBadly, taken from one of his discussion on Blog Catalog (with necessary edit):
Whenever someone makes a "SEVEN EASY TIPS FOR BLOG PROMOTION/PR INCREASE" post anywhere, I rarely see adding your posts to blog carnivals.
Blog carnivals are usually held by one blog. In them, the owner reads submissions and decides which ones to put in a post about the carnival. About 5-10 entries are picked for each post. The owners of the carnivals generally don't expect a post back to them - maybe just a trackback - so it's basically a free link to your blog. It can attract readers too. It's not spammy, too, as all of the posts are related in the same category (business, satire, family, pets, etc.)
It's really easy to do: just go to blogcarnival.com, sign up, look for some carnivals that match your blog category, and submit. You can also run your own carnival if you want.
Blog carnivals are actually quite good promotion methods - they won't harm you, at least. Unless you get dizzy on the merry-go-round. Ha. I made a bad joke.
And on a quick note, Newsvine.com (a news site where people tag news/opinion/other articles and post them on their own page) gives a free backlink if you submit your own site (dunno if you guys do that. I don't see any penalties for it). It also appeared on my Technorati blog feedback with an authority of 50-100. It's another option if you have a news blog or just have a few news posts.
Mytheory opinion: Actually, some bloggers have known about this method of blog promotion through blogcarnival, and they like it because it does drive traffic to their blog (if u have great post of course). So, i suggest you to make real good content first if you want to submit it to carnaval then.