The Fuzzy Blog worries about how google will treat blogs over time:

So here's my question -- When will Google start to view blogging as subverting the ranking system? Am I really the most important Scot Johnson in the world? Is Jeremy Zawodny the most important Jeremy? Is Kasia the most important Kasia? Right now bloggers just plain love Google but a lot of that is because of how Google treats us. They view our blogs as "legitimate link farms". So when are we going to become illegimate?

He's getting to this because of how Google deals with people who try to game the page rank system. One could view blogs as gaming the page rank system, I suppose - heck, I come up third and fourth in Google.

On the other hand, as has been widely reported, Google bought Pyra recently, so I would think that they have a positive view towards the whole blogging thing. Time will tell....