Saw this in an article on EContentMag.com. . .

The wild and wooly blogosphere itself will not make money for many, including blog networks like Gawker Media and Weblogs Inc. Nevertheless, blogs are already proving to be powerful audience retention devices for known media brands. Some B2B sites report that up to 10% of daily traffic now goes to columnist blogs.

Blogging is less a business model than a thoroughly compelling communications model that keeps users coming back two and three times a day more effectively than standard content refreshes. Accept it and get sponsors for it.

"Thoroughly compelling communications model" is the phrase that jumped out and grabbed me. That pretty much sums it up. Blogging is not so much a business model, as it is as a tool for enhancing marketing communications. It's a traffic magnet that no small business should be without.