First off, I "maintain" a blog at
http://und1sk0.blogspot.com/.
It has not been seriously updated in many, many months.
I feel that the trend of blogging peaked probably around November of last year, and now it is well into a down grade from which it will not recover. I have no facts or figures, but I am confident that history will vindicate me.
That said, I really think that LiveJournal is uniquely positioned to experience a major uptick in usage (and by that I don't mean one LOL post after another, but serious usage, substantive postings and an increase of users).
Perhaps my optimism for LJ is based on a myopic nostalgia for communication fora of my youth. I believe that, 4chan notwithstanding, LJ is the biggest, best (and prettiest) BBS of which I've ever been a member.(*)
(*) Sorry, Tom Jackiewicz. UPT was fun, but it is no LJ.