Originally posted by Qwntm Does the viewfinder stray light actually make it to the sensor?...
As others said, it probably will during long exposures. However, this is not the primary reason for using a viewfinder blind.
All (D)SLRs that I know have the light meter somewhere in the pentaprism housing. Therefore, unless you use Live-View, strong backlight through the viewfinder will influence the metering. A classic situation where this comes into effect, is the camera being mounted on a tripod, sun from the back - and there you have an underexposed picture.
Don't believe it? Well, take your camera, turn it on with the lens cap in place. Tip the shutter button and watch the metering. Now take a maglite and direct its beam into the viewfinder....