Guest posting was the best way introduced to gain some nice PR Juice from high profile blogs working harder day and night, but this thing was made a pirated business and people were trying to spin posts to many blogs to gain PR from them and in return they were just hurting them up with any kind of deep updates released by Google as that content might be pirated or copied from recently posted blog.
So now Google's refined engineer "Matt Cutt's" tells what Google thinks about guest posting and how it should be done and what should be avoided. Check below video.
So video clearly states that Google does not penalizes blogs with high quality guest posts, so like if you are a professional writer and you posted something on high class blog just to share knowledge and off course get a link but you are not sharing or spinning that same post on other blogs for the same thing then its not a bad thing.
But if you are normally doing guest posting to just grab some links to increase your PR update then it's a bad influence on the whole internet working so Google might penalize your blog for these things. So this above video might clear your all doubts :)
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