"Once upon a time there was an island named Blogosphere, and at the very center of that island stood a great castle built of stone, and spreading out from that castle for miles in every direction was a vast settlement of peasants who lived in shacks fashioned of tin and cardboard and straw," writes blogger Nick Carr in The Great Unread.
"Once upon a time there was an island named Blogosphere, and at the very center of that island stood a bridge over which lots of bloggers walked happily each day. Under the bridge, in a dark and gloomy hole, lived a troll named Nick," responds blogger Rex Hammock.
This is a much better response than Mike Arrington's, though it amounts to much the same thing.
An even more useful response is in the comments to Carr's piece: a link to Clay Shirky's old essay, Power Laws, Weblogs, and Inequality, which is the single most accessible text for understanding the blogosphere and possibly the whole IT industry.
(Real men, of course, read Huberman and Watts, but Shirky will do for most purposes.)