I totally agree with this. I like to put a bigger comment block at the top of my source files explaining the overall concepts and data structures used and then put few actual comments in the code. Instead I think about my variables and function names and make them talk for them-self. Commenting each and every element of your code will just make people (possibly yourself) curse at you when debugging your code and realizing that the comment was rendered obsolete 15 iterations prior and the code does something entirely different.
I generally sympathise with your sentiment - I think this jives fairly well with comments talking about 'why' rather that 'what'. I do favour function-level comments quite a bit for more complex functions.
That said, I think some of the commenters in this thread should spend time maintaining a MLOC+ sized code base before dismissing comments as 'code smell'. Even in well-written code, if you're a maintenance programmer who is unfamiliar with a particular functional area, a few comments talking about the overall purpose of the code and why it works the way it does can save you enormous amounts of time.
Finally, if people are letting comments go out of date, IMO they have a quality issue. Either the comments are useless and should be removed, or they're useful and should be kept up to date. If your developers are letting useful comment areas go out of date, it should get caught by code review.
