There are many (mostly unpopular) sites without effective protective measures against SPAM. For attacking these sites, botnets are effective.
Almost all popular sites have some effective protective measures. For these sites, coding and deploying a constantly evolving botnet to keep up with this arms race is just not effective. It is more cost effective to hire third-world (or even first-world) labor to attack them.
There was an article on news.ycombinator.com a few days ago about how posting a comment on TechCrunch is more effective advertising than AdBrite. Go look at the comments on TechCrunch and pay attention to how many of the frequent commenters link back to their sites. (The kewter.com guy sticks in my mind the most, as that domain name is hard to forget).
With that in mind, imagine paying a few US college students $6.00 an hour to read+comment on weblogs, forums, and social networking sites for hours at a time. Tell them that they are to carry on educated, intelligent, and intriguing discussion. For each post, they need to include a link back to (their profile on) your website. You could even hack together a few tools to make it really easy for them to participate in dozens or hundreds of discussions per day--for example, build an email-confirmation sidebar widget for Firefox and some collaboration software that allows human-net to collude.
How do you stop this kind of attack?