This article is quite interesting because it talks about the brief history that blogging has been around and also talks about where it would be going. It also talks about the recent legal cases that have happened, like Apple Computer suing several sites, and etc.
It also talks about what happened to Dan Rather, simply because of the pressure from bloggers.
Seems like that by having a blog of some kind does help, whether or not if its a good thing, but then it would depend on what you use the blog for. It seems that I find a lot of blogs that are just spam blogs which is a waste of space on servers and such. Yet, after going through a lot of blogs, you could find really good blogs out there in the sphere of blogs.