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I think the decline in blog authority is to be welcomed. It demonstrates the inevitable evolution in social media towards the micro and conversational (blogs are not very conversational). The big shift inherent in social media is the shift from institutions to processes. Blog authority or individual blog influence is an institutional measure. What we should be focusing on going forwards are tools which measure process.
We have all become overly obsessed by blogs - the traditional media in particular - largely because an influential blog is the closest thing to a traditional (institutionalised) media form around, and therefore something for which we have an existing frame of reference. As yet we find it very hard to comprehend the proceses at work within a connected crowd, where intelligence and meaning evolve without the intervention of individual mediators.
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