Is this a SEO technique? Yes and no. Yes, because when they are being paid to blog about your business the bloggers are basically being paid to insert some links into their posts, and these links might have editorial value. No, because you’ll be dealing with a moment of fleeting glory (increase of traffic for one-two days) plus a few other drawbacks.
Let’s analyze, shall we? If you are lucky enough to identify the bloggers that have really powerful voices and important traffic each day (and this is one of the places where you can find them) and convince them to accept a form of payment to write an entry about your site, you’ll have a few advantages.
In general, blogs with high traffic have high (Google) PageRanks. This means that you’ll benefit from traffic and link juice. As long as your link will remain on the blog’s index page you’ll get some revenue. But when the entry that links to your site will be buried beneath other blogs, you can only hope for some link juice (if the blog is considered by the SE an “authority site”).
If you use a service such as PPP (PayPerPost) you’ll get a bunch of links at once, and… guess what? Google is more or less (I’d say “more”) able to identify paid postings and will not give any value to those links. (I’ll get back to this topic in one of my future entries.)
This is not such a complicated issue as it sounds. I am not against paid postings as an advertising technique. But I am warning you, as a “linking technique” it might bring lower results than you expect. And if you are going to invest in such marketing tools, understand that this has really little to do with SEO.