Fortune has a good story on blogging. Like Joi Ito says it: "a lot of the stories will be familiar to heavy blog readers but it's a great summary of what's going on and a "must send" link to people you know who still don't understand blogs."
"When everybody has a tool for talking to the rest of the world, you can't hide from your mistakes. You have to face them. Once you commit to an open dialogue, you can't stop. And it's painful." As the impact of blogs spreads through global business, that pain—and promise—will be something companies will have to deal with. And if they don't? You're bound to read about it in a blog."