Blogs as social engines

I was sitting in my leather chair and smoking my pipe while reading Walter Benjamin, as one does, when this pithy little nugget struck me like a...like a nugget of pith:

"Significant literary work can only come into being in a strict alteration between action and writing; it must nurture the inconspicuous forms that better fit its influence on active communties than does the pretentious, universal gesture of the book--in leaflets, brochures, articles and placcards [and blogs?]. Only this prompt language shows itself equal to the moment. Opinions are to the vast social apparatus what oil is to machines..."
-Walter Benjamin from Filling Station

Are blogs the new literature? If so, what are the implications?

Discuss!