I WAS interviewed a few days ago by Chris Vallance of Radio Five Live's Pods and Blogs, about the potential of earning a living from blogs and it is up on his site to listen to now.
In my interview I stressed the importance of looking beyond just the pounds and pence generated by advertising on your site and said it was important to establish yourself within your chosen field.
There was also mention of Guy Kawasaki and the fact that despite having a very popular blog, by the way it is a good read, he earned very little from it.
But as Darren Rowse points out, Guy could use other methods and again is most probably gaining from the massive exposure his blog enjoys through things beyond advertising.