CNET recently published a good overview of the risks of blogging on the job. You can access the article at FAQ: Blogging on the job. They reference a few of the usual suspects, Queen of Sky, et al who have lost their jobs due to weblogs their employers found offensive.
What's interesting is that a handful of states have passed new legislation not specifically for bloggers but to protect employees from being fired for what they do away from the job. I think the best advice is still to keep your job and your blog separate. Never the twain shall meet!
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