The Benefits and Costs of Blogging:
Here (via Glenn) is a nice account of why blogging is great:
I stopped worrying about deadlines, audience, editors, letters to the editor, all the stuff that had smothered me before. I was writing so fast that I didn't have time to double-think my sentence structure or my opinions. What came out was sloppier but also funnier and more honest. I started getting e-mails from people I'd never met, and they were actually encouraging. (At the paper, it seemed like most e-mails from strangers begin with a variant of "Hey, dumbass.") I continued blogging for years, through cities and jobs and relationships, and though the blog entries never amounted to much, they always gave me a fleeting joy, like conquering some small feat—opening a very difficult, tightly sealed jar—even when no one is around to see it.
And why it is not so great:
And yet every once in a while those agents would check in, to ask how that book was coming. And the book wasn't coming, and wasn't coming, and I became one of those people who talk about a book but never write it. At times, I started to feel that jokes and scenarios and turns of phrase were my capital, and that my capital was limited, and each blog entry was scattering more of it to the wind, pissing away precious dollars and cents in the form of punch lines I could never use again, not without feeling like a hack. You know: "How sad. She stole that line from her own blog."

Blogging had been the ideal run-up to a novel, but it had also become a major distraction. I would sit down to start on my novel only to come up with five different blog entries. I thought of them as a little something-something to whet the palate—because it was easier, more immediately satisfying, because I could write it, and post it, and people would say nice things about it, and I could go to bed feeling satisfied. But then I would wake feeling less than accomplished because a blog wasn't a whole story told from beginning to end. I had shelves lined with other people's prose while my best efforts were buried on a Web site somewhere, underneath a lot of blah-blah about American Idol and my kitty cat.
This points out one of the wonderful benefits of group blogs. You can slide for considerable periods of time to meet the demands of your day job, while your readership is preserved by your co-bloggers. The challenge for group blogging, of course, is finding a group of bloggers with a similar enough voice to attract and retain an audience. Part of this is solved for us at the VC by the fact that Eugene is the sole judge of who gets invited to blog here. In my case, I have also found myself adjusting my voice to that of the blog. I suspect other members of the Conspiracy have done the same. Mainly, I have done so because I like this voice, but also because it seems to contribute best to a jointly-produced product.