When we register a username account here the email address we provide becomes our unique identifier. When we are logged into WordPress.com and register a blog it’s registered to that username account we are logged in under and to the email address which is our unique identifier. We can register as many blogs as we wish and provided we are using the same username account then all the blogs will be registered under it and the associated email account. http://en.support.wordpress.com/email-address/
You have two separate email address settings at WordPress.com.
Blog notifications for the admin (like comment moderation, Likes, new subscriptions, etc) are sent to the email address at Settings -> General in the Dashboard.
Personal notifications (like comments on your post, subscription emails, and upgrade renewals) are sent to the email address at Users -> Personal Settings in the Dashboard.