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What worries me is that the easiest way to apply such a penalty is probably to devalue links that appear to be part of an author box (one of several easy to spot footprints of most guest blogging). This isn't the best way, but it would be incredibly easy to do.  If that happens then it would really be a case of "throwing the baby out with the bathwater", but we've already seen this year that Google is happy to do this if it discourages manipulation. I've always assumed that when the spammier end of guest blogging is addressed it would be through a wider algorithm. As Alice suggests, value could be removed from this as a result of a wider effort to tackle low quality sources - and this would be fair. This year though I suspect that "fairness" in the algorithm has gone down a couple of places in Google's priorities and that the idea of "the greater good" has become a higher priority. If that is true then anything that is a link building strategy becomes a fair target - even if it causes wider damage. As always - time will tell !