For a lead-in, see: pab's potpourri: Blogger settings visited
Here are a few more notes on Comments settings:
I show comments, and allow only registered users to comment. However, I disable comment moderation, so I neither get email asking me to approve every comment, nor need to review them on the "Moderate comments" page before they come to light. If something irksome does pop up, as a blog administrator, I can always delete it later.