I read an article the other day that suggested using Craigs List for posting legitimate listings was a great way to build a lot of traffic. Has anyone had success with this strategy?

I tried it with a postion vacant ad.
Got nothing, 0, nil and had to pay money for it

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Im saying this with a smile...!
http://www.coedesign.com.au

Jase have you tried using Craigslist for advertising your design business?

We have tried it and have had some mixed success but there are probably better ways to invest your time

Take a look at this article:

How To: Use Craigslist To Increase Your Local Search Advertising | Local Marketing

it discusses how to use Craigslist to increase your local search advertising

We have had some pretty good success but you need to buy an autoposter in order to make it effective it just makes the process so much easier. You also have to optimize the ads for the search engines.