Paul,
I'm not convinced that blogs are the best medium for profitibility. I think I read somewhere that 70% of Steve's income was from partnerships and not the blog, don't quote me though.
Look at 'The Secret' DVD and book, would it have been as successful if it was just a blog?
I think a product with a price is going to be more rewarding in the long run than constantly writing a blog. Blogs are great for self expression, but most don't make any money and the amount of work to get them making money could have filled many ebooks, DVD's that could have produced truly passive income.
If it was me I would copy a proven model of success that has the least amount of effort and I don't think that model is blogging. In fact as video and DVD's are both huge on and offline (the secret DVD, youtube) people seem to be interested in that medium.
I find Steve's Podcasts more enjoyable than reading his stuff and I would watch a video (youtube/dvd) rather than listen to a podcast.
Max
EDIT: Most people have a DVD player, YT is huge, if your niche is definable enough and they have money and credit cards, then I would create a DVD and use YT to market it. DVD's don't have to be hollywood productions, they can be all sorts of simple things done by average day people.
YT is popular for that very reason.
Bill Myers Online