Whether or not to do a press release is a question I keep getting conflicting information on. A couple of years ago pre-Panda seems like they were more useful. Now it seems that a lot of news aggregators can be billed as duplicant content and have lost what little of the link juice they may have still had.
Now if you have a truly news worthy story than indeed it may get picked up and reap benefits, but how often does one really have newsworthy material? I have looked into PRweb and they have a program for unlimited releases for one year for $3995. If one had newsworthy material on a weekly basis this would appear to be a good deal. However, if the content is not newsworthy or the content is released every couple of months then this would not be such a great deal.
To research whether or not the press releases where worth it or not from PRweb, I went to their website and looked at several of the recent press releases in the "Newscenter" section. I found out whom was doing releases and looked at their corporate websites through my SEOmoz browser to check their ranks and most had pretty poor PA and DA even with lots of links.
I wish press releases were a good source to get out the word on a business and help with building SEO links, but I just can't see it for sure one way or another. I will be checking into reddit and slashdot as EGOL suggested. Any other suggestions appreciated.