Personally, I think Press Releases for Backlinks have been manipulated to no end by smart webmasters and those looking to build a buzz around their product. If you can take some time off and craft a good press release, I am sure it can get listed in major news aggregators and even high end News sites like Google News and Yahoo! News.
Google News syndication is definitely the icing on the cake as it will bypass the normal listings on Google for your keyword. My personal list of press release websites I use for my submission needs can be found here and here. The time spent on this activity involves the time spent on writing the article and the time spent on submitting to the lists out there.
So good luck link building!