As the lone dissenting voice, I will say that there is a place for commenting out code in special circumstances. Sometimes, you'll have data that continues to exist that was run through that old code and the clearest thing to do is to leave that old code in with source. In such a case I'd probably leave little note indicating why the old code was simply commented out. Any programmers coming along after would be able to understand the still extant data, without having to psychically detect the need to check old versions.
Usually though, I find commented out code completely odious and I often delete it when I come across it.