[B]logging is the more derided medium, but it's unquestionably superior for conveying information. You can give a reader much more on a blog than in an article. But for all that, I'm fiercely committed to articles, because they make sure I'm writing in a way that's accessible to people who don't read the blog -- which is, let's face it, the vast, vast majority of the world. So though the technology underlying blogs and articles is beginning to converge, I don't think the forms are going to become one anytime soon. It will always be the case that your regular readers are a small fraction of your pool of potential readers, and the likely outcome here is that more and more organizations end up running two kinds of content: one aimed at regulars and the other written for drop-ins.
I just believe that the web is going to win over print (duh) and that the web favors an intimate form of discourse rather than an institutional one. Facebook illustrates this. We relate to individuals online, not organizations or collectives. And so, in the long run, if a personal blog can actually be a filter for articles, reporting, conversation, then I think it has a future much greater than some think. Ezra's right that it's not imminent. But my gut tells me it's inevitable.