SEO debate continues on the subject of how you create an SEO friendly blog URL. If I research this question, I can find ten "experts" that prefer subdomains and 10 more that have good reasons to use subdirectories. Matt Cutts of Google recommends subdirectories so I think it states the obvious to say subdirectories have it! Here's your example of both and an article on the subject from Matt.
Subdomain: blog.ccpteam.com
Subdirectory: ccpteam.com/blog/
Subdomain vs. Subdirectory for Blogs Article by Matt Cutts.
Happy Blogging!
Libby
www.ccpteam.com
llucas@ccpteam.com
704-549-0125