According to Technorati (per the BBC), "the number of blogs is doubling every five months."
I met last week with the folks (Stu MacFarlane and Andrew Shotland) at Insider Pages who told me that it took the company less than two months to almost double the number of user reviews on its network of sites.
All this indicates the rate of user-generated content on the Internet is growing at an accelerating pace. Yahoo!, for example, has made a big, big bet on organizing user-generated content (Flickr, MyWeb, 360) as part of its fundamental value proposition going forward.
There's enormous value in that content, but it's dispersed and generally hard to find. For example, the blog about the perfect places to stay in Costa Rica may exist but in planning my trip to Costa Rica it may be next to impossible for me to find that right now.
Whoever can organize and leverage that content (especially in local) will be rewarded in many ways.
Yahoo! reportedly testing blog search in Korea.