From photonotes.org:
"Why does it matter how many blades the aperture diaphragm has?
The adjustable aperture diaphragm in most camera lenses consists of a number of flat wedge-shaped metal blades. As you adjust the lens aperture settings these blades rotate in or out, and the aperture opening changes size in an iris-like fashion.
The shape of the hole made by this adjustable diaphragm depends on the number of blades and the shape of the blades. For example, if you have a 5 blade aperture diaphragm then the aperture will be a pentagon in shape. An 8 blade aperture diaphragm will of course yield an octagon.
There are two areas in which this aperture shape affects the final image. First, the shape of lens flare on a photograph is typically governed by the shape of the aperture. You may have seen photographs with pentagonal or hexagonal lens flare, for example, or star-shaped highlight areas in a photograph taken with a small aperture setting. Second, it’s generally held that the closer the aperture is to a circle the smoother out of focus areas (bokeh) tends to be, though it isn’t the only factor contributing to bokeh. Many lenses have at least 6 or 8 aperture blades, frequently with curved edges, to approximate a circular aperture opening for this reason. Canon have in fact started billing some of their recent lenses as having “circular” apertures, indicating near-circular openings."
Hope this helps
Dan