No idea is the honest answer, but I can speculate. I’d guess that there would be a mix of two elements happening. I think Google will enforce time based consequences for sure keywords – this may be like a time based penalty that might see a site drop down for a specific key phrase for a specific amount of time. I don’t think Google will do an excessive amount of damage to the strong avid gamers in the quest market if they have some links from these sites, eventually if all of your links come from these sites your site will probably fall off a cliff – but I’d guess only in the indisputable fact that it’s had all its links got rid of by the deindexing of the blog network.
At the top of the day Google has been encouraging us to blog for years. Their new semantic search is going to be much more blog oriented individually as it relays on the context of the content. If it didn’t our move in opposition t inbound advertising and marketing could be left in tatters too. Therefore, I imagine that blogs still have a serious role to play in SEO actually I consider after the decline of the blog networks, blogs will likely have more have an impact on in SEO, though I’m not advocating it, if there are people available that want to build networks of blogs to advantage customers I would indicate they might be best creating content material in actual topic areas and only taking up consumers that match those topic areas, or at very least writing the content material in such a way that it relates the customer content through to the overarching content material topic of the website.