I just finished reading a fantastic article called The Labyrinth Unbound: Weblogs as Literature.
It is an in-depth attempt to discuss weblogs as literature. The author, Steve Himmer, argues that the weblog form (key elements being temporality, processuality, hypertextuality and the collapsing of traditional notions of fact, fiction, style and genre) produces a form with inherently literary attributes. It's a really good article, and anyone interested in the subject should read it.
Also, I found a weblog which looks really well-written at first glance: Jonathon Delacour's The Heart of Things, which seems to treat the medium (format?) with great nimbleness. His post on the firebombing of Japan displays a processual thinking, and the critical, factchecking method which the format seems to be suited for. Also, he is a superb writer. Maybe MA material?