The blog is just the medium. What you do with it builds your personal brand.
As with rockstars, you practically give away the album (blog entries) and make money on tour (as a speaker or author).
Common sense dictates you aren't going to get filthy rich when you only make 10 cents per 1000 visitors.
Michael Arrington isn't doing well because TechCrunch is a successful blog. He's doing well because he used the site to build his personal brand, and his celebrity has opened doors for him in other ventures. Same with Perez Hilton. Same with the other successful bloggers.









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