I belong to a Bluebird Yahoo group and a member died last summer after having a front tire blow out, causing him to leave the road and hit a tree.
I believe the recommendations from tire companies that are repeated on that forum are that if a front tire blows out, do not hit the brakes but hit the accelerator to maintain steerage.
Had a front tire blow out once on a 66 Ford Pickup. I was only going about 45-50mph but it was very hard to control.

Here's a Michelin video on handling blowouts:

http://www.youtube.com/watch?v=lkwOE1yKY5c&feature=related

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13