Guest blogging is probably the sort of thing that you should be thinking about doing in moderation. It shouldn’t be a full-time job going around finding people that “Can I borrow your soapbox and climb up on it and talk for a few little bits and then also embed some links back to my blog?” If that’s all you’re doing, then that’s probably not the best way to build a reputation to your website.
SEO community is so afraid of Google penguin and panda update that they do not want to take any risk. The site owners and SEO immediately cut down their budget for guest blog posting services. There is reduction of around 20% guest blogging work. Some SEO even stopped the guest blogging work and tried first to understand what is organic and what is bad guest blog posting.
I do not see any issue with organic guest blogging done with the purpose of sharing your thought on specific niche to which you belong and increase your exposure.
However you can have your own views by watching this video