Bad news from Wiki:
Gartner forecasts that blogging will peak in 2007, leveling off when the number of writers who maintain a personal website reaches 100 million. Gartner analysts expect that the novelty value of the medium will wear off as most people who are interested in the phenomenon have checked it out, and new bloggers will offset the number of writers who abandon their creation out of boredom. The firm estimates that there are more than 200 million former bloggers who have ceased posting to their online diaries, creating an exponential rise in the amount of "dotsam" and "netsam" — that is to say, unwanted objects on the Web.
Oh dear. I suppose "novelty" also applies to Facebook and myspace and 2ndlife etc. too.