I think guest blogging is a great way to get very high quality do-follow backlinks. Sure, you have to work a bit harder, but the results are worth the effort.
What's holding people back? The need to write quality articles, the problem of finding quality blogs to write for, or cold feet when it comes to sending a proposal?
If you are a quick writer, I assume you can easily write 2 articles a day for guest blogging. Just a handful of backlinks from relevant sites in your niche will have great SEO benefits.
Just type in your niche + "write for us" into Google to find relevant sites. For ex: 'saving money + "Write for us"' throws up several blogs/sites that accept articles in lieu for a backlink.
So, why aren't more people in IM doing it? Am I over estimating the benefits from guest blogging?