Somewhat serious, somewhat tongue in cheek, Why your Movable Type blog must die is a good article on kuro5hin.org about how the blog-plosion is another sad and stupid fad in the sad continuing tale of the Internet.
I have to agree a bit. I had my own 'blog' 8 years ago when it was just something for me to write my stuff in and my only readers were my parents and the only reason they read was to see if I was going to be around on the weekend to come by for dinner. Nowadays it's the latest fad, everyone has one, people are pushing them as some sort of innovative way to do office communications, social networking blah blah blah blah.
I have no doubt that blogs will continue on in some form or another just as diarys and ships logs have for years and years now, but I do think that the current trackback, moblog, blogroll craziness will die out in a while when people realize that (as the article says) "All your blogs talk about the same crap".