One of the great features with WSS V3 or MOSS is its blogging capabilities, which is best utilised when everyone can contribute easily to a blog, subscribe to the RSS feed and stay looped in.
If you're wanting to incorporate a blog into your SharePoint environment I'd suggest the following considerations.
Unfortunately, SharePoint provides a limited web interface for posting blogs, mainly with formatting text and adding images to a post - which can easily turn an end-user off.
To get around this, I've often recommended Word 2007's blog capabilities as the perfect replacement for the web interface however Office 2007 isn't always available - so what is and is free? Well I use Live Writer to manage this blog, and hooray, it also works with SharePoint.
Making it Look Good
Check out the Community Kit for Sharepoint - there are some blog extensions in there which give your blog site a great facelift, but also provide a number of new and enhanced features.