OK just to update: I noticed the possibly related posts popping up now and again in some of my blog posts but this occurs when I look at a blog post individually and not the entire blog as a whole.
Oh and I like kymk's first question as well. I am guessing they would appear as the wordpress blogs that they clicked from and then to confirm if you were to go to it you should see your link somewhere on their blog.
As for removing those you don't like... That is an interesting point but wordpress team will be careful in how they tackle this issue. People might abuse the system and simply not allow any 'possibly related pages' on their blog post while they will be more than happy for people to leave their link on other peoples blog posts... Hence if you don't like what you are linked to they would probably just tell you to turn the entire feature of.
Speaking of these blog post links... do they always stay the same, or will they get updated as time goes by when newer things come along?