Conversation not Content

Doc says "Blogs are journals. They have readers. Just like newspapers do."
Yup, but blogs are also conversations. Like at a cocktail party. As long as there is a good host, good food and good guests, then good conversation is likely to follow.
Sure, newspapers have readers, but these aren't really readers. These are bringers of worth to advertising units that would otherwise remain unsold. These are segmented demographic statistics that make or break circulation numbers. These are one of the raw materials that make the publishing business what it is. You got readers, you might have a pub. No readers, no pub.
Like a good host working the room, blogs are "conversation management". Not "content management". Not many blogs are businesses - yet. But those that grok this will do very well.
And the rest will wonder where their readers went.