Blogging becoming too popular?

Seems like too many people have a blog now its becoming saturated.  If everyone has a blog than everyone will be too busy blogging and looking for readers than to be a passive observant I believe.  What do you think?  I think some will argue bloggers have a tendency to read more blogs and spend more time but I guess it depends on how serious one blogger is.  A serious blogger spending a lot of time wont have time to read other blogs.