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You're right about a lot of things here. Most significantly that 1) an e-mail subscriber is more sticky than a blog reader or an rss subscriber and 2) that e-mail has a better established revenue stream than blogging,
I also think that newsletters will continue to have a legitimate business model, HOWEVER, I don't think that we're going to see a mass trend towards e-mail from blogging or other RSS mediums.
The way RSS/web lets you search, chunk, microchunk, reblog, tweet, skim, scan, copy, comment, and interact offers a much richer experience for the USER. Eventually there will be a good business model for blogging - hell, maybe that model is selling t-shirts and events - but content will always gravitate to where the experience is best for the user.
What I mean by that, using the investment advice example - when the idea is first articulated it is sent directly to the paid subscribers. The advice then goes on the "public" blog X days later. Benefit for the subscribers is timely access to the advice, and if they take a position they also benefit later when any members of the "public" also takes the advice. Author is providing full transparency into his past advice for potential subscribers, which should help with WOM marketing (assuming he/she is any good).