its a feature that i don't use, so i for one won't be disappointed to see it go. hopefully if the time saved from maintaining the personal blogs goes into features that are more interesting and useful. (maybe some kind of facebook integration?
(on a side note, perhaps if there are people who really like the blogs, maybe they can be disabled by default and then only enabled for users who meet certain criteria? surely if only users who have been members for a year or some other random requirement is put into effect, that should bring a serious hammer down on spam accounts)