Earning a living blogging?

Glenn Reynolds' TCS column today ("Are Blogs Busting Loose?") states,

But things have reached the point at which it's not now possible to earn as much by blogging as one can earn in many entry-level journalism jobs...

First, a typo: I presume the above excerpt is supposed to read it's possible or perhaps it's not impossible. [Since corrected.]

It may be true that some bloggers can earn as much blogging as some entry-level journalists, but is it relevant?

Only a few bloggers at the top of the pyramid can earn that much from blogging, and most of those bloggers would not be content with a job as a cub reporter. TTLB's ecosystem lists only 37 blogs with at least 10,000 daily hits (and some of those blogs are counted twice). I'm skeptical that one could you a living off a blog with fewer than 10,000 daily hits.