There's a lot more people then you think. I own more than 30 blogs that make me some money, but not in the way you think.
I specialize in making affiliate sites that use automatic RSS feeds to stay constantly fresh.
There are more people making money blogging in the way you think. For example one guy had a simple blog about bank rates, cd rates, crediyt cards, etc. He had tons of unique content and was doing quite well. Bankrate.com bought him out for about $4 million dollars. His site was bankaholic.com.