70 blogs from all across the political spectrum signed up for the November 7th launch.

Will it fly or flop?

Wired has more.

“It will be the best of mainstream media and best of blog media, side by side, sometimes fighting, sometimes agreeing,” said Roger Simon, a novelist and blogger who co-founded Pajamas Media.

The site aims to be “a whole online news service of bloggers from all over the world,” said Simon. With a list of contributors that reads like a who’s who of the political blogosphere, Pajamas Media thinks its daily blog picks will be of a higher quality than automated services like Memeorandum or keyword aggregators like Technorati.

And the drawbacks? Ann Althouse shares.

Ann Althouse was contacted to join Pajamas Media, but declined because of the advertising revenue scheme that is going to make the project tick. Pajamas Media will provide all associated bloggers with advertising, but will also limit the individual bloggers’ control over what ads will be displayed.

While this means that bloggers won’t have to hustle for ads, it will put a cap on the amount of money someone on the Pajamas Media network can make.

“It did not come anywhere near to being an attractive deal for me for many reasons. The No. 1 reason was the skimpy payment compared to Blogads,” said Althouse.

Personally, this is how all media goes eventually. You have a bunch of people working for a big congolmerate that guarantees them monthly dollars so they can actually plan their life around their preferred “occupation.”

Sure, the top bloggers like Althouse have the luxury of counting on rather nice BlogAd sums, but for smaller sites this doesn’t make much sense. Eventually harnessing the power of the network will prove much more valuable.

My question then is, why should blogging ultimately be different than any other form of media when it comes to monetization?

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