The Telligent Community reports track blog views server side - every time a blog post is rendered, increment the page count. I would suspect the difference in numbers is due to bots
* If webtrends does server side logigng, it may be doing clever stuff to ignore page views for bots etc.
Also if you have a custom theme, it is possible that your theme is configured in such a way that it records more page views than it should. A view is logged whenever a <CSBlog:WeblogPostData /> control is rendered with the IncrementViewCount="True". There should only be one such version of this control in your entire blog theme, and that should rendered on the individual post page.