It is a intriguing concept to think about the buying and selling of shares of blog sites. While blogshares.com is just for kicks, it is still plausible that a real market for ownership of blogs could come to be. You might think that would amount to the ownership of absolutely nothing, and you would sort of be correct, but it still could work. How?
First of all, every stock/share of a company bought and sold today has no intrinsic value, zero, zilch, nada, nuttin. You only own a piece of paper and the (potentially misguided) belief that some day in the future when you want to sell it there will be someone willing to buy it from you. It's what someone is willing to give to you for your share that determines the value of your share.
You might make the argument that stocks pay dividends but it is also true that many stocks don't. You then could point out that shareholders get to vote, usually to elect board members and such. Well, blog shares could do the same thing. Imagine voting in a cabinet of people whose sole duty would be to decide the next years format of the Wayward Weblog. It could happen!
Certainly, by going 'public' and selling off the lions share of this site is the only way I'm going to become filthy rich in the near future. Independently wealthy, this blog would then be able to consume 100% of my time.