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I personally think you can make money with bad blogs and good blogs.
It's the blogs in the middle that dont pay in proportion to the effort.
If you have a really good interesting blog, that you spend alot of time and effort on, getting it just right. You can make very good wedge off it.
If you have lots of crappy blogs, but know how to get traffic to it. Dont spend much time on it apart from that, but use it just as another marketing tool, you can make money off them.
The inbetween blogs, where you spend time and effort writing stuff, but it isnt great and doesnt really hit the target audience. Thats when you can loose, because you may be putting in just as much time and effort as the first blog, but with the sales of one of the crappy blogs
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