i've actually found quite a bit of notoriety and community from keeping up my blog. it may not mean the same amount of business as it would be for a corporation, but it's certainly been worthwhile.
Shakespeare said "Life is what you make it..." I believe in the same philosophy for blogging. It depends on what your motivation and passion for your subject matter is. It takes time and perseverance to build up a readership. It's not an instant solution for building a community of followers. I would encourage you to blog if you are passionate about your subject matter and you enjoy sharing your passion and ideas with others...especially via writing.
I find that if you have a clear objective set then blogging will be profitable for you. You just need to have set goals from the beginning and know exactly what you want to say.