Nope, blocking someone will only block them from being able to send your Private Messages.
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Quick Question: Is there a super-ignore list that I can add people to so that their whole posts they make and whole threads they start wouldn't be visible to me?
Yea as DVM has said the answer to your partiuclar question is no, but if you're having 'issues' with a particular user of PSN ID then obviously PM a Moderator or Manager about it Dopple.
That is how I perceived it. I do like the idea but again, it doesn't really facilitate "community" if everyone can block out everyone and you only see certain people. Viable inpout even from people you may not like could be missed.
I suggest you ask Lithium to improve the ignore list.
Personally I think the block/ignore list/functions on this website & lso those on the PS3 are actually pretty good, if it becomes an 'issue' as I suggest earlier in the Thread get in touch with a Modertor & they'll be happy to advise the best course of action.