There is a really good article on Wired today: podcasting after iTunes. If you want to learn the (still short and young) history of podcasting give it a read!
You also gets a little into video podcasting or video blogging. The ratio audio-video is about 10-to-1. And if we take the whole picture we maybe have text-audio-video radio of 100-to-10-to-1. So maybe if you plan to “do something” with blogging… You will find less competition with rising “production efforts”. But on the other side video will be consumed less time than e. g. audio…
What will you go for?