It's what you do with it that counts
Interesting statistics on Steve Rubel's blog about how many of those with a blog actually blog. These are the blogs that are not just for Christmas with figures from Technorati showing 800-900k daily posts and BlogPulse between 350-450k - quite a discrepancy and indicative of the need of more coordinated metrics (as well as their differing measurement methodology).
Irony aside given the recent squirrel posts, I would argue that it's not that you blog, it's what you do with it that counts (I'm looking forward to seeing the searches I get through on that phrase).
The real metrics of interest are those of conversation - both talking and listening: trackbacks, comments, RSS subscribers and, let's face it, recognition from the offline world. Now there's a combined metric I'd like to see...