After some looking-around I've found two interesting techniques to comment (or comment out) a block of code:
Substitution on a range of lines
Given a range of lines, a simple substitution command may add or remove comments. For example, for Python code s/^/#/ and s/^#// will add or remove a comment from the beginning of the line, respectively.
To make a range of lines for this operation you can use any Vim technique, like for example explicitly specifying the range:
:M,N s/^/#/
Will comment out lines in the inclusive range [M:N].
A simpler way is to use the visual selection mode, by pressing V (capital v for line selection), selecting the needed lines and then executing the substitution command.
Using block-mode visual selection
- Move to the first column in the first line you want to comment-out.
- Press Ctrl-V to start block-mode selection.
- Move down to select the first column of a block of lines.
- Press I and then the desired comment starter (i.e. #)
- Press ESC and the insertion will be applied to the whole block.
To uncomment with this techniques follow the directions but instead of I use x to delete the first char.
Others...
If you have other techniques to suggest, please let me know. Also if you're familiar with a good plugin that makes this really easy and also knows which types of source code require which comment chars, I'd like to hear about it.
 Eli Bendersky's website
Eli Bendersky's website