While I consider myself the leading advocate of the “it depends” school of thought (which applies to just about anything), the instances of ghost blogging that I would find acceptable are vastly outweighed by those I don’t.
To summarize, he thinks ghostblogging doesn't make sense when the blog calls for an authentic voice (e.g., Sun CEO Jonathan Schwartz' blog), but isn't as important for a blog that purports to represent a corporate voice.
I don't have a lot to add -- if you're interested in the subject, I recommend you read his piece and check out some of the links. As someone who has made a lot of my living as a corporate ghostwriter, I've pondered this question and basically come to the same conclusion as Shel.
One wrinkle I would add: for companies that want to blog but can't rely on the top executives to stay with it, a group blog might work, in which communications people keep the blog current with news and information and when an exec wants to blog, it's there for them to do so. I've not seen this done successfully, however, so if anyone wants to share examples, that would be great.
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