Just an opinion here, but blogs — like the internet SHOULD BE — are a complementary tool to our print versions.
It was mandated I start a blog for both my major beats (one summer, one fall/winter). I use them to link to news and stories from around other leagues and conferences and teams. I use them to post quotes that go unused in print stories. I use them to post break news and TEASE to "tomorrow's paper." I used them to post SOME opinion, but not in a snide and snarky manner, but rather in the exact same form as my weekly column; the "blog columns" are usually shorter.
Thing is, blogs are now varied. Sure, I used to say "they're written by guys in underwear in mom's basement" and that's still true about some of them today. But others are like firejoemorgan.com or Buster Olney's blog on ESPN.com. They all differ.
If done well at a newspaper, I think they can be helpful. I think Chad misses the point when he says "who wants more of me?" It's not about the writer at newspapers. It's about providing more useful information to the reader/fan. Because don't forget, space is more limited in print than ever before. And it's infinite on the net.