Tom has a great list of things learnt in 2005. I especially like his first three:
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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.
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Content will be king because all those links have to point to something of value–otherwise they are pointless.
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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.