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In one of the videos from Google Webmaster Help youtube channel, Matt Cutts explains how to guest blogging in the right way.

According to Matt, the most important signals to consider a guest blogger’s article as a good piece of content are:

• Guest blog article has to be niche / topical oriented and in context of the blog main theme.
• Include your bio profile of the author.
• Do not use exact match as anchor text.
• Do not recycle or spin your content. Create unique content per blog.

If you don’t follow these rules, any link coming from your guest blog post wont be count and potentially marked as paid link, which may hurt your website.