Biggest and best is surely fleshbot.com -- It has a full-time paid editor, and Jonno has style. AVN Adult Ads reports it gets about 200,000 page views per day (Alexa rank 3,910).
http://www.badgirlsblog.com/ is the only bigger one I know, but it surely does suck, and its high traffic (700,000 pv per AVN) looks to be mostly blind-linked TGP traffic.
Erosblog.com was one of the first sex/porn blogs but is much smaller (Alexa rank 66,434).
AVN Adult Ads reports 9000+ daily pageviews for my spankingblog.com; my own stats are showing about 11k pageviews on about 7k unique daily visitors. It's virtually all search engine and bookmark traffic, yum.
There are a fair number of fairly high-traffic porn blogs that don't do much text, and a few of 'em don't suck too bad. Examples:
http://babes.coolios.net http://www.kimochi-ii.com http://www.yourdirtymind.com/
Hope that helps.