Blog-linked firings

I work for a company that really, really REALLY wants its employees to blog about life at the company and life in general on a company hosted blog. I believe this encouragement is a no brainer - a good thing for the health of the company (the employees), while also leading to a transparency beneficial to the general public.

Admittedly, I don't have much experience in the work force, but I think my company is different and would never fire employees for posing seductively in the office.

At the same time, you never know. Opportunities abound every day for us to blog about company goings-on that don't seem too serious until magnified by the white hot heat of cyberspace. We're still a young company, and we still make mistakes so it isn't too hard imagining an employee creating a serious problem for the company (or themselves) by blogging about something they shouldn't (a client? a project they're working on? a competitor?)

The company needs to figure out a way to remain transparent, while giving employees clear guidelines for what it expects. How would these guidelines affect the integrity of the blog that is so important to the future of the company?