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My classmates and I were all taught in 10th grade that 'correct' English is English that is appropriate for the setting.  Chatspeak in a formal letter, 'incorrect'.  Formal English in a video game chat room, also 'incorrect'.  : )
A person can run their blog however they see fit, of course.  but disallowing mild chatspeak on a sports blog / discussion room, that seems, uh, a bit haughty. 
Too many acronymns, or digits in the middle of words, makes something less readable for me.  But I also appreciate the economy of IBIWISI and other internet shorthand.  These are words that can have great utility, to both the typer and the reader.  But the economy can be lost if there are more acronymns (or too many obscure ones) than your audience can handle.  If your audience isn't teenage or young adult computer geeks, they likely won't get the meaning, or will have to waste 15 minutes of their time looking them up.
Words like LOL and emoticons perform an additional function, that of communicating emotion.  They modify statements, and their inclusion can completely change the meaning of what someone types.  IMO they are very important to almost all non-formal net dialogue, because they help fill the void created by the absence of face-to-face communication.  
WTF is an interesting one, because it seems to actually bend language in a (slightly) more civilized direction.  You communicate the obscenity without writing it.
Anyway, I see chatspeak as an evolution and a net 'plus' to lanuguage.  If a blog censors it all of it, it's their loss.