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Blogs for Money: Another Dot-com Bubble ?

Slate thinks that blogs are over as a business. A few people will make money - journalist money, not Wall Street money - and the hordes of late joiners will make nothing.

Daniel Gross in Twilight of the Blogs:
But as businesses, blogs may have peaked. There are troubling signs—akin to the 1999 warnings about the Internet bubble—that suggest blogs have just hit their top.
Some more interesting excerpts:

Time Warner paid a reported $25 million for Weblogs..Apparently, Time Warner executives are not aware that there's a place online where you can go to see pictures of large-breasted women and read dirty jokes, without having to look at Dodge ads - it's called the Internet.

Roger Simon, the screenwriter-turned-blogger promised "to change the way people report and access news and commentary." I don't know. It looks to me like a bunch of blogs with their own logo.