Maybe I'm reinventing the wheel, but I wrote up a really simple function to use in templates to check if a specific blog_id is the current one. Useful for highlighting navigation items if you repurpose your blogs into specific site areas and want to have a tabs class be "selected", that kind of thing...
function is_current_blog( $blog_id ) {
global $current_blog;
if ( $blog_id == $current_blog->blog_id )
return true;
return false;
}