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It's not so much the content of blogs that made them popular, but instead the "low mental cost" design aspect of them. They are the easiest sites in the world to surf.
Blogs are just modified newsboard scripts that display all the posts on a single page at once. Blogs were really born out of the concept where a partial post was displayed on the main page, then you clicked through to see what text and photos the writer thought was too much for the main page.
After that writers dumped the linking to full posts (or "cuts" as LiveJournal called them) and all content was moved to the main page. Suddenly this is new and innovative enough to give it it's own name, a blog, even though the actual site content hadn't changed.
So I don't think this is going to die. It will just continue to evolve like it has over the past several years.
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