What Do you do in communities like mybloglog?

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Hi all, I am trying to figure out how sites like mybloglog.com,blogorama,mclinky works? I have a blog and I have read online that I should be a part of these groups, I do not completely understand yet how these works? How do you get other to follow you and vice versa? Does this really bring traffic to your blog? What are other effective ways to attract and exchange traffic, I mean targeted traffic without shelling out the green bucks?