What it means is: When this limit is achieved, the blogger API will not acknowledge any new requests coming from Blogaway or Blogaway Pro.
The rise of the number of requests was, in a way, very sudden. And thus, we couldn't take steps to ensure that the users don't face the consequences. We are very sorry for that.
We have applied for an extension of the limit, to a higher number of API requests per day. But, as the API FAQs say, it generally takes 5 business days to approve this up-gradation. And so, if Blogaway or Blogaway Pro doesn't seem to be working, it is most probably due to this reason.
We will update this space, when this is fixed, and hope that you don't mind this temporary problem.
Thanks for your continued support. Please keep your comments and feedback pouring in so that we can make Blogaway more awesome.