Here is good summary of the state of the blogosphere

Some interesting statistics and while you could get overly concerned about the increasing growth of splogs (spam blogs) this seems to be just a repeat of spam email when email took off as a marketing tool.

Perhaps the most interesting part is that:

Blogs continue to become more and more viable news and information outlets. As of April 2007, the number of blogs in the top 100 most popular websites (based on the number of links to them) has risen substantially from the third quarter’s 12. There are now 22 blogs in the Top 100 news and info sites.