Anyway, I fee your pain (well, not Razor's - I still think I'm damned interesting). I think blogging works when there's an event, like and election or hurricane, that can hold your attention for a few weeks and merits daily attention. Other than those times, there's not many people who produce enough worthwhile content to merit the effort needed to stay current. Often the level of discourse is about that of a sports radio call-in show, with a lot of screaming and not much substance.
There are noteworthy exceptions, including writers like Michael Totten, Radley Balko, who also does research many of his posts and has carved out a couple of niche issues to focus on mostly, and scholars like Becker/Posner. Notably, I think the best bloggers are the ones who'd be doing the same thing without the blogoshpere, in academic, think-tank, journalism roles.
The medium has ceased to be cool, like Eno's CB, but it's still in a relatively early stage of development. As the cool factor fades away, hopefully the best writers will stick around, and maybe even make a go at it economically, as some have been trying. The others, they'll move one to something else. And it'll be cool for few years, too.