I've been blogging for 11 years now and it's one of those little things I'm particularly proud about. I've found my personal voice there (http://www.javipas.com) (I write about tech for a living in other site that started out as a blog), some readers (around 40K/month) and a way to share things in a different and delightful way. Besides, I've got total control over my blog, something I really appreciate.
Social networks are great for many things, but I wouldn't say blogging fails. It's not as popular now, but I guess this is due to the fact that it's more laborious.