Mass amateurization is the web's normal pattern. Travelocity doesn't make everyone a travel agent. It undermines the value of being travel agent at all, by fixing the inefficiencies travel agents are paid to overcome one booking at a time. Weblogs fix the inefficiencies traditional publishers are paid to overcome one book at a time, and in a world where publishing is that efficient, it is no longer an activity worth paying for.
[...] Oxygen is more vital to human life than gold, but because air is abundant, oxygen is free. Weblogs make writing as abundant as air, with the same effect on price. Prior to the web, people paid for most of the words they read. Now, for a large and growing number of us, most of the words we read cost us nothing.
[...] Rather than spawning a million micro-publishing empires, weblogs are becoming a vast and diffuse cocktail party, where most address not "the masses" but a small circle of readers, usually friends and colleagues.
He notes that those who do make money from weblogs do so indirectly. Like me, I guess.