I've been reading the commentary of those who attended the Summit on Blogging (Brian Patton, Behan, Jon Henke, Martin Johnson from SouthNow, and for a while Rick Sincere, sat our table, not to be confused with the lively bunch to my left) and those who didn't (Jaded JD, Ken Lammers). Jeff Schapiro graciously withstood our cross-examination during lunch.
My thoughts? I doubt there is much call for a blogger's code of ethics, aimed at preempting regulation, unless the bloggers get caught up in some kind of notorious law-breaking. The EFF Legal Guide does the best job I've seen of laying out the legal landscape for bloggers.