I agree with those that think the holes are usually cosmetic (except in cases like Spyderco, where the hole is used in place of an opening stud). For example, take a look at the many TOPS knives that have that dot-dash-dot hole pattern in the blade. For instance, the new TOPS/Buck Nighthawk collaboration, and the TOPS/Buck CSAR knives (fixed and folders). All have those ridiculous holes in the blade.
I don't like their looks, and don't think they are really useful for anything. However, I also don't think they really have any significant impact on blade strength. I suppose in some theoretical sense, they DO weaken the blade structurally, but in a practical sense, nothing that an ordinary user will be doing with these kinds of blades is going to put enough pressure on the blade that those holes are going to come into play and cause it to fail. I suppose MAYBE in the kinds of extreme testing that somebody like Noss does, the holes could cause premature failure, but nobody I know really uses their knives that way.