"Thinking about launching your own blog? Here's some friendly advice: Don't. And if you've already got one, pull the plug."
A statement from the Wired article "Twitter, Flickr, Facebook Make Blogs Look So 2004" here.
1988... A computer lab at Georgia Institute of Technology... I had just finished typing up a Usenet article on a recent trip (on a Sun station) while a small window scrolled on the side showing what people were doing... what class rocked, what professor was pure pain, where was the Thursday night party going to start, insight on the mid-term coming up and so on... and at the same time I had couple of private chat windows going on.
Fast forward to just about 2008... has anything changed, not really. The only thing that has changed is "hype-cycling"!!! I like Wired, it provides, insight and foresight simultaneously while at times stating the obvious...!
Blogs have a place, like Twitter, Facebook, etc. I believe knowledge rinsed through experience consolidated into blogs will remain the main stay for finding vetted results to one's search for information. Blogs are what Wikipedia can never be... experience added to the product, i.e. Wikipedia is the product for gathering knowledge, everyone loves it and uses it... yet to engage in experiences associated with the "use" of the product, we will go to blogs that challenge, enhance, counter, evaluate, etc. the common wisdom within the product (Wikipedia) through the experiential results of humans.
Twitter has its place... and so do blogs. They will coexist.