All other factors equal, the faster your body is able to absorb calories from what you consume, the worse it is for you.* Blending your food more can make it pass out of your stomach faster so your body will absorb calories from it faster, spike your insulin harder, and then you'll be hungry again sooner.

Some people do study this if you want to dig through papers. Here's one I found after a few seconds of googling: https://www.ncbi.nlm.nih.gov/pubmed/19110020

* - Worse means different things in different contexts. If you drink a cup of oil, you'll probably get oily diarrhea instead of absorbing the calories. I'm not sure which is worse in that case.