Well here’s the deal, The Blog Spam icon appears when the page has a ‘higher than normal’ level of inbound links from blogs. I wouldn’t worry to much about this as I doubt Google would ever penalize this or any site for inbound links from blogs.
Reason 1: What if this person has an amazing article or insight that bloggers found interesting. You can get hundreds, thousands, or more blog links overnight, that’s the nature of blogs and bloggers.
Reason 2: Google will never penalize for inbound links. If they did that would be a great way to get your competitors banned by Google!
If the links are blog spam they will count for very little or nothing in the eyes of Google. I’m sure the G! algo takes into account whether a blog uses Captcha and how effective that Captcha is when determining the ‘weight’ links from that blog will carry.
In my opinion if I am exchanging links with someone I expect that their site has something to offer my readers, that the site be linking out to quality sites, that there not be hundreds and hundreds of out links and lastly does the site visually look nice or interesting (not spammy).
Just my 2 cents on the matter.
-PhilipSEO