I am still on time! your post has not crossed the 24 hour limit! So I still have one hour to answer your post!
Buddy this question is already answered in full details at mbt, which you can follow to make a smooth migration of posts and redirection of links.
Why do you wish to migrate to wordpress? Just because people say it is great! I have been using both the platforms since years and here is what I have to say about such myths based on personal experience:
Never follow people who are making a living from a single source or have in-depth knowledge of a single platform only, consult people who are equally happy on both platforms and know both platforms well enough.
Migration of platforms is quite similar to changing templates. The only thing that needs care in case of platforms is to redirect the URLS properly else, you can manage your blog from Wordpress Dashboard and forget about your blogspot blog. You will not delete the blogger blog and instead convert it to classic template and redirect it to the new WP site because this will retain your backlink PR juice and maintain your Pagerank.
You will need to create new categories in WP because your labels will not migrate, Imports and exports are only for posts and comments. The images will remain hosted at Picasa so the images would work just fine on your WP site.