I have a couple I update every day - sometimes multiple times. Others that get updated two-three times a week, a few I update less. For the less frequently updated blogs, I can usually schedule a month's worth of updates in a couple of hours.
The main ones I generally update over the course of the day. If I find something interesting, I blog it - instead of posting it on GFY
As you can probably tell by my inability to stop typing long after I've made my point, I have no problem updating a number of blogs, and I find it a lot more interesting than pumping out templated free sites, tgps, and galleries.
Traffic grows slowly and steadily, with 90% of new traffic coming from Yahoo, MSN, and Google. I'm a patient guy. No rush.
Seriously, if you can post a hundred times a day at GFY, you could just as easily update a dozen blogs.