This approach works well in only one situation: when your code isn't doing anything substantial in terms of data processing.

For me, comments are best used at explaining _why this is happening_, not what is happening.

By far one of the best examples of code commenting I've seen is the explanation of the L2ARC (the level 2 adaptive cache) in ZFS: http://fxr.watson.org/fxr/source/cddl/contrib/opensolaris/ut... . Most of the ZFS codebase is extremely well documented due to its comments, and it helps a lot having the documentation _in the code_, to provide context (something that commit logs, by default, don't).