I like blogging, but I'm still not sure "what it is." Look, I'm just a guy that won't shut up, so it's the perfect medium for me, but it also gives me opportunities to say things that are ... well, let's say they don't help my career. It has, therefore, dubious value to me.
This post at Kos quoting Dave Winer is interesting. As blogs move towards a broadcast model, comments become an interesting dilemma. The boys over at Cub Reporter are already seeing this. There's an inflection point where sheer volume, not to mention signal:noise, makes "community" a negative.
Kos is one of few blogs effectively managing community. His effective management of both content and community make him *the* blogger to watch. It's probably not the only model, but it's the only one I've seen that works.