You'll get a lot of differing views on this but my take is that the code should be self-documenting i.e. it is written well enough that its purpose can be easily seen by reading it.
This is by no means always possible so if you have a chunk of complicated code your comments should be sufficient to explain how it works.
There is nothing worse then getting someone else's code (or your own after a few months) and finding a complicated section with a comment at the top that says,
for example, "this parses the data into the correct format".
Traevel commented: // TODO javadoc +5
RikTelner commented: Thank you! Precisely what I meant! +0
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strRusty_gal commented: Thank You! +3