In this post, Tim Heuer asks what the difference is between blogs and newsgroups. He even goes so far as to say that they are the same.
As I posted in his comments, I disagree.
I think the biggest difference between blogs and newsgroups is that with blogs the subscription model is per user. In other words, I decide to subscribe to you. I don't subscribe to some meta-blog that aggregates you for the same reason I don't do newsgroups as much as I used to. Basically the signal to noise ratio is too high. Drives me crazy.
I'll give up the threading to have control of my content. I still think someone will solve the threading problem for me anyway... :)