Web Blogging: Popular Yet Unprofitable?

For the past few years, blogging on the Internet has gained phenomenal popularity. Starting as a hobby for most, blogging was originally a new way of sharing one's insights on new and relevant information and other personal opinion with others on the net.
Eventually it evolved into a hobby or a project for some, and with more and more people getting on the bandwagon, blogging networks mushroomed here and there, giving birth to a new source of income for many.
There has been talk and blogs as well, that report six figure profits from individuals engaging in the new trend while others even say blogging sites have probably made millions of dollars. Housewives have started to earn extra money while still being able to tend to their duties at home.
Recently however, a poll of bloggers has shown that the seemingly profitable activity has proven not only very time-consuming but also not providing enough compensation for the amount of effort it requires to sustain it. Some respondents explained that blogging created more opportunities for other projects than as a money-making endeavor. Some even said that the only way to make blogging lucrative was to focus on advertising and having a sales team working on it.
It seems that the worst part of blogging is that it could be obsessive and it competed for time against the real life duties of those who do it aside from the fact that it promoted isolation. A few blogging sites have closed down and bloggers have retired because of the demands and pressures of blogging that apparently didn't deliver financially.
On the other hand, the best thing about blogging is the recognition bloggers could get and not the return on invested time and effort.