If this is true:
Blogger Buzz: New Comments System on Blogger
Then it will halt my planned relocation to Wordpress. It's just in the nick of time. It's not enabled for me yet but as soon as it is I'll be switching off the moderation in favour of a spam filter.
UPDATE: In true Blogger fashion they've managed to arse this up. The spam filter only comes on when you enable full comment moderation. The whole point of a spam filter is that I don't want to moderate comments! I want them to go straight on the blog unless they look like obvious spam.
I'm beginning to wonder if any of these people actually run their own blog. Wordpress migration preparation continues...
UPDATE Nov 2011: As far as I'm concerned comment moderation is fixed, blogger has been humming along nicely for me for a while now.