Blogging is amusing for the person who does it--one would hope--but I only read blogs that have real journalism behind them. They are a great alternative to big media. All the bellybutton musings in the world don't add up to a hill of beans in this world, though.
Fave blogs are ones with political activism and some hard information behind them, that have earned a reputation, like dailykos.com.
Also, I like Blog of a Bookslut, which is great for publishing news.
I used to do a local blog when I was in a very active political phase, focusing on issues in my town. It got read a lot by people in town, but I got burned out on it. Essentially, it felt like unpaid work after a while. But it was never about me, just about what was happening in town, the usual corruption and graft.