This may depend upon your transmission/clutch (not a motorcycle guy, but I raced the Honda 125s with 6-speed transmissions on karts - basically, lightly modified motorcycle engines), but do you actually need to engage the clutch to shift? We used the clutch only for getting going in 1st. After that, we rev-matched all the shifts.
Take a look at this graph. It calculates RPM and speed for a given gear. This is for upshifting, I believe. Basically, if you hold first gear until the 10,400 redline, you'll be going 80mph. But, you want to shift somewhere before that. On this graph, it's recommending you shift at something arounf 75mph. This drops your RPMs from 9880 to 7220. But, think about what's happening in your motor, transmission, and at the wheel. Your wheel is only going 75mph. But, your engine is at 9880. When you shift to 2nd, if you don't let off the throttle and allow the RPMs to drop, then your engine will still be going 9880 when you engage the clutch. This is going to make the bike want to surge forward.
Downshifting is exactly the opposite. Your shift points won't be that high in the RPM range (higher RPMs = more power, to a certain point), since you don't need any power when downshifting. So, let's say you are in 3rd going 120kph and want to slow down. For a while, you just stay in 3rd. But, if you're slowing to 80kph for traffic and want to be in 2nd when traffic starts rolling again, you'll need to downshift. When you hit 80mph in 3rd, your engine is only turning 5800rpm or so. But, when you shift to 2nd, it'll need to be at 7600 or so in order to continue at 80kph. If you shift without blipping the throttle, as soon as you engage the clutch, your rear wheel will mechanically rev your engine. This takes energy to do (same way it takes gasoline expoding to make it rev higher), so it will take energy away from the rear tire. This decelerates the rear tire rather quickly. Basically, you are decelerating the rear tire by not rev matching. So, you need to blip the throttle up to around 7600 in order to make a smooth transition.
The good news is that you don't mave to memorize this graph. Usually, a "blip" is just that. You'll just slightly twist the throttle handle to raise the RPMs a bit. So long as you get it close, you're fine. It takes relatively little energy from the rear wheel to change 200-400rpms. But, making the wheel absorb 2000RPMs is a recipe for disaster.