There was a test done a long time ago in Golf Digest, IIRC. I have the scanned pics of the article, but the forum garbles it up. Anyway, this test was not very scientific, but I don't think it was entirely inaccurate by any stretch and it showed that mis-hits with CB's went all over the place, but would go much further than blades. OTOH, mis-hits with blades would go shorter, but with a much tighter dispersion.
I think better golfers are better off with blades because I know I can mis-hit a blade pretty bad and still find the green pretty easily. Getting the ball up in the air with blades just isn't a problem for me. OTOH, with the higher handicappers, a mis-hit with a blade won't go anywhere which could me shots that find the bunker, the drink, etc.
Having played my fair share of CB's and more than my fair share of blades (I currently own 7 sets of different blade style irons), I find the study to be pretty accurate as my mis-hits with blades are much more tightly dispersed than those with CB's, but I cannot hit them as far on average.
3JACK