MY TAKE ON WEBLOGS AND EMPLOYERS, as quoted in this article:

He advises company officials to ignore the Web logs of employees as long as they don’t waste company time, don’t attempt to speak for the company and don’t break the law.

“Besides,” he says, “this is America, where free speech is valued. That should matter, even in circumstances where there’s no actual legal protection. … Obviously, an employee who spills trade secrets via a blog should be fired, just as one who spills trade secrets via other means should be fired. But that hardly calls for a special Web log ‘policy.’ The last thing anybody needs is some ‘Dilbert-esque’ Web log policy.”

Not everyone agrees, however.