Hi Peter,
The main concern with Blogger, at least for me, is when it boils down to content ownership/search engine rankings. I'd rather have my own domain name get the search engine rankings and not have my content subject to the whims of another.
When you manage your own blog on your own site, you have the ability to back up your data and if you're abiding by the rules of your webhost, you're less likely to have your blog randomly deleted because someone reported it as a splog.
Also, there are some features that Blogger simply does not have such as pages, categories (I hear it does have "labels" now), internal tagging, no support for extension through plugins. Those are a few of things I can think of off the top of my head.
Hope that helps,
~ Teli
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