The blog world played a large role in the election. However, if you remember the time period after the end of the Iraq shooting war, the number of blogs and volume of postings will drop after an event which drives a large proportion of posts has ended.
Commentary on the presidential election has constituted a huge proportion of blog posts for the last few months in particular. There will be an inevitable drop off in postings for many blogs and some political blogs will definitely disappear.
Watch for many nay-saying articles predicting the end of the “blog fad” to beginning appearing over the next few months. I’m just predicting the coming onslaught of these types of articles.
The truth, of course, will be elsewhere. Keep your eyes open for what is really happening.