But who is reading all these weblogs? Considering the social networking side of blogging, my bet is that the vast majority of these blogs are read by their authors' friends. We read blogs because they are a good way to keep track of people we care for.
I don't think that this huge number of blogs is competing with mainstream media in terms of credibility (only a few blogs are), but sometime they will start competing in terms of time. For example today I'm spending much more time reading my friends sites and less time reading mainstream media sites. Considering that we all have only a limited amount of time available, will we get to the point where we will spend most of our time reading stuff written by people we care for?