Voting "Yes - for free"
I personally don't see any reason why it was decreased to begin with, it will only lead to more images being used in profiles to get around it, which is not only an inconvenience to users making the images but also reduces page load time and server usage.
A couple great reasons IMO' Atleast to raise it to 30,000 or so, doesn't have to be 50,000.
As for using Personal Blogs for such space, yeah you could do this but it should be your choice to display it, not be forced to hide it in a blogs record.
I personally am scared to make any new blogs due to how strict some people can be about them. And seems as though most are upset about being bothered to approve a blog even after they offer.
So with all being said, I vote yes, increase it back up atleast by 20,000!