What is a blog? It's a temporally-organized set of postings, usually linking to other websites, that includes commentary on the linked item. Often there is original material as well. A common feature is a method for readers to post comments on the topic.
What is "The Show With No Name"? A weekly television show that features clips of other programs, along with commentary from the hosts, some original prepared materials, and callers that comment on what's airing in the show.
So, the big difference is that we do our communication using the language of video, and rather than pointing to other shows, we reproduce their contents inline within the program. Structurally, the two forms are pretty similar.
So, what do you think? Did we event this whole thing, or are weblogs just a mutation of an archetypal form of communication that's been around for a while.