Do you send a newsletter from your blog? If you do, you need to look at that. I don't, so it doesn't apply.
Do you keep a contact list connected to your blog (if you do any of the above, you probably do), so again it is something you should consider. I don't, so it doesn't apply.
There are a couple of small changes I have made to my blog already.
I deleted "Follow me by email" from my side bar, simply because I don't understand what happens if anyone signs up to that - am I storing their email address somewhere on my blog? I don't know, but I don't need this to be able to run my blog.
I have also deleted "share" gadget; again, I am not exactly sure what it shares, but it is not essential to my blog.