"If you want to be in Google, you gotta be on the Web" is a lovely quote and I agree with Dave Winer's new DaveNet piece. Nevertheless, blogs are ranked higher than they should be in my opinion. The solution for Google could be to check out the interdependencies between the links. If four people independently link to a page, then that's more valuable than when 1 blog links to that page, and then 10 more blogs do the same because they read the link on that first blog. (Or f.e. because the blogposts are automatically duplicated, which is even worse.)

Interdependency is easily checked. Decent bloggers properly attribute their sources. So when a link to an article is found on page 1, and page 1 also links to page 2 that also links to that article, then the link to the article on page 1 is less valuable. (This could really use a nice drawing.)