It took me a few tries to figure out what this code did; lets rewrite
it into a more regular form.
The thing that makes this one 'special' is the BSG_F_BLOCK flag, if
that is not set we're not supposed/allowed to block and should spin
wait for completion.
The (new) io_wait_event() will never see a false condition in case of
the spinning and we will therefore not block.