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********** reports that 30,000 - 40,000 new blogs are being created each day. Part of the growth of new blogs created each day is due to an increase in spam blogs. About 20% of the aggregate pings ********** receives are from spam blogs. Most of this fake blog spam comes from hosted services or from specific IP addresses.

Those in the SEO world are well aware of this. There are even services like Blogburner that encourage creation of spammy blogs and spam-pinging to get your sites indexed quickly

Fact: The more you abuse a technology, the less effective it becomes.

Spam blogging will force search engines like Google to change their ranking algorithms and eventually assign less value to links from blogs.

Unless they put in safeguards to prevent robots from taking over, its safe to assume that blogging will become less effective as an SEO tactic over time.
Of course, the spammers will then just have to find new avenues and means to spam the engines.

But why ruin a good thing in the first place? Blogs are much more than just tools for search engine optimization.

Instead of using blogs for spam, focus on building content-rich sites and getting high-value links to them.

Don't restrict yourself to just the SEO benefits of blogging.
Appreciate the value that blogs can add to your marketing and public relations strategy and use them the way they were meant to be used.