Here is an update with the final "blob" class. The texture can be rotated freely from the blobby shape, to keep the face in an upright position at all times, but to show the movement of the blobs, I locked the rotation.
The soft body dynamics is made with a string of flat rectangular object tied together with joints, much like the driving belt of a tank.
I then hold the belt in position, using springs attached to a center point of gravity.
The problem with this approach, is, that unless you makes the springs stiffer than an Englishman's upper lip, they can not hold the shape in position under heavy load. To fix that, I simply added an extra shape ( in my case simply a round shape ) at the centre of gravity, to avoid the entire shape to collapse. By adjusting the size of the centre shape, I can control how much the blob can be compressed, while maintaining the "wobbly gelly" surface.
Another good thing is, that the blob actually only consists of 9 rectangular pieces in the belt. When the sprite is mapped upon the coordinates, it hides the jaggies of only 9 elements, but it still looks nice and squishy.
So an entire blob consists of 9 perimeter rectangular bodies, 1 centre round body, 9 springs and 9 joints. Easily runs 30+ on a 3G with 15 blobs.
Next step will be to splatter them on the wall ;)
EDIT:
Yeah, they are baby cocos ...