This report as picked up by Iain Dale and others asserts that:

Internet users will be protected from abusive bloggers and malicious Facebook postings under proposals to set up an independent internet watchdog, The Daily Telegraph has learnt. The body, made up of industry representatives, would be responsible for drawing up guidelines that social networking sites, the blogosphere, website owners and search engines would be expected to follow.

The recommendation is one of several that the House of Commons culture, media and sport select committee is expected to make in its long-awaited report on harmful content on the internet and in video games.

The Report itself is here. Its overwhelming focus is "the use of social networking sites and chatrooms for grooming and sexual predation."

I have gone through the document. There is only one single reference to blogs/blogging:

135. Mobile network operators may exercise a fairly high degree of control over their customers’ access to social networking sites and interactive sites which they host. Typically, chatrooms for under-18s and blogs are fully moderated.

So whatever new ‘oversight’ arrangements are set up should not impact upon us bloggers unduly. Or at all?

Phew.