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Most of the users I've spoken with are very happy with thumbblogger and like twan said there are plenty of places that will accept it and trade with it.
But free hosts are not free. You give up the top ad placement on the blog to the host. With thumbblogger it's a small strip across the top of your blog. What that means is that a percentage of traffic that you work to get will go to the host.
I've broken the numbers down here in another thread which shows that if you build a goog blog that over the course of a year you would actually "pay more" in lost sales for a free hosted site than if you would have registered a domain and paid the hosting yourself.
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