There were two moments in the online world that looked to change the way we look at Blogs and Blogging. One, was when video started gaining ground. It seemed like both audio and video Podcasting was going to trump text-based Blogs as that technology got cheaper and streaming online got better. Two, was Twitter. It looked like some Bloggers were falling in love with 140 characters over taking the time to type their thoughts in a different flow.
I don't think either have really impacted Blogging. In fact, as more and more companies open up to the possibility of Social Media and Web 2.0, it looks like Blogging is the most pragmatic solution - and there are many reasons. Twitter is challenging because of the constant flow, the need to respond back to immediate requests and, contrary to current Blog discussions about it, it has not gone "mainstream", and the average person is not embedded in Twitter (yet). For some reason, video and audio also poses an extra leap of faith. It might be in the scripting, production or the talent (who you put "on air").
Other technologies, platforms and opportunities aside, Blogging also offers some amazing strategic byproducts. From Search Engine Optimization, linking, new business opportunities and getting yourself recognized as an industry authority. Lots of "behind-the-scene" reasons to check it out.
The layers are deep, and the opportunities are there. Blogging could well be finding a second wind, mostly because those who were trying it seem to be running out of topics to discuss, their passion for Blogging is dwindling, or have become caught in the sheer mass volume of the many other Blogs in the same area that they connect with (meaning they can't Blog above the noise).
The big trick (if it's a trick at all) is in finding those micro-niches, and talking less about you (and what you sell), and more about why you've decided to be in the industry that you serve. You may think that starting a Blog today seems so 2006. I'd say that fresh insights, conversations, comments and communities are timeless. So, if you have a passion for your industry, if you like to write and are curious, don't discount the power of Blogging simply because it may not sound like the latest and greatest.