I have mixed feelings about comments. For one thing, inline comments are certainly limited ... I'd rather have literate programming with full support for graphics, typesetting, sectioning and so on. But, I also think that there's some wishful thinking when it comes to code documentation. "If only this were documented better, people could understand it with little effort."
The reason I think this is wishful thinking is basically the counterexample of TeX - a program that is meticulously documented in a printed book with extensive tests, examples, a companion book giving a high-level overview. All this effort seems to have failed to make it comprehensible. TeX code is rarely adapted to other purposes, people even want to rewrite TeX or extract the core algorithms into other languages.
The lesson I take from it is that a large, dense code base can not be understood at all without extreme effort. Unless it is someone's job or serious project to understand it, they will not do so no matter how well commented it is etc. If it is someone's job to understand it then they will be glad for the comments but it will still be a huge effort.
So I think comments/documentation are important, but far less important than simpler, smaller code bases.