I've no doubt Blair would love the title, and Cherie too (she would of course have qualms about accepting anything that came from the royal family she hates, but I daresay she could overcome these, given time... about 10 seconds). But I doubt Blair would ever turn up in the Lords or use his position to do anything of value for the country; he might go back to being a high-earning lawyer like his wife, or get on the high-earning lecture circuit like Thatcher, as kwicky says. New Labour people seem bewitched by big money.