We ended up reinstalling wp and not using multisite. However, with the new install (wp 3.3.1) we saw the same issue with our Blogs page. They were there but not showing up on the Blog admin page. For us it turned out to be an issue with the database abstraction plugin. We were running the latest version of that plugin so rolled back to the previous plugin version for wp 3.2.1 and walla our blog posts were back. It may not be an issue with that plugin. We may have accidentally overwritten one of the plugin files or something but that’s what solved our problem. Hope that provides some insight.