Robert_Charlton - 6:41 pm on May 4, 2011 (gmt 0)
This is speculation...
I assume that there'd be no problem if the blogroll doesn't appear to be manipulative, ie, if the links are all to professional peers and to related sites, if the anchor text is to site or company name, and if the linking blog is a good quality site.
On the other hand, if the blogroll contains some stuff that looks like it's selling links, eg, keyword-keyword links, links to off-topic casino sites, pills, etc etc, and if the linking site is of questionable quality, then I think you should be more concerned.
IMO, run-of-site links generally indicate that links are given because of special relationships between sites, not freely given editorial links. It's possible for blogroll links to be votes for quality, though, and it's likely that Google considers this. Again, the quality of the linking blog is a factor.
Some years back, it was widely discussed that Google maintained a quality score for backlink profiles, a theory I tended to believe and still do. I think that percentages of low vs high quality backlinks do matter.
Since you say you don't have very many good inbounds, it's therefore more likely that these particular blogroll links, if low quality, might hurt you. How that factors into the current algorithm, which seems to look at overall site quality signals, is hard to say. It's not anything that Google has announced... it's not new in Panda... but it's certainly one of many measures that Google might use.