Tom has a great list of things learnt in 2005. I especially like his first three:
Blogging is the most honest form of self-promotion bar none because if you can’t walk the talk you won’t get the clicks.
Content will be king because all those links have to point to something of value–otherwise they are pointless.
Every company is part media company–it is both publisher and publication and tells stories all the time.
Aside from being a pretty good bloke, Tom was one of the first hacks to jump ship and become a fulltime blogger.