The BLAST program for comparing two sequences assumes independent sequences in its random model. The resulting random alignment matrices have correlations across their diagonals. Analytic formulas for the BLAST p-value essentially neglect these correlations and are equivalent to a random model with independent diagonals. Progress on the independent diagonals model has been surprisingly rapid, but the practical magnitude of the correlations it neglects remains unknown. In addition, BLAST uses a finite-size correction that is particularly important when either of the sequences being compared is short. Several formulas for the finite-size correction have now been given, but the corresponding errors in the BLAST p-values have not been quantified. As the lengths of compared sequences tend to infinity, it is also theoretically unknown whether the neglected correlations vanish faster than the finite-size correction.