From the good folk (I think there's only one) at Enetation:
We have found that a the comment count settings for blogs with more than one comment may be corrupt in several users settings. We are working on a global fix but individual users can fix this themselves by updating thier comment settings themselves.
UPDATE All comment count settings have been reset however the captions that go with the comment could not be recovered. It looks like a single user has been able to apply their incorrect comment count caption to every users account.
So I fixed the comments, but now have to go back and fix my spelling. Where's my @#$% coffee?