I think it depends on the type of audience and subject matter you plan to cover. I generally read home and craft blogs... but I've also checked out some environmental blogs. What strikes me in each and keeps me coming back is when its especially creative. I especially love it when they have some kind of key feature to them... a certain style of writing or a certain way of incorporating photographs.
I'll give you some examples.
www.plasticfree.blogspot.com is one I like. And I know lots of people read it. Reason? The way she writes keeps you coming back. There's something new all the time but at the same time she sticks to a certain format. You know she's going to write about finding a new plastic free product, and you know sometimes she writes about her "major sins" in a confessional style, and you know she has certain slang words and it's familiar but new.
www.soulemama.typepad.com is another. Reason? I like the way she incorporates her photography with her writing. It's very neat! A lot of the blogs I frequent are for this reason.
But I think for different types of blogs there are different things that make them successful. If you were doing a newsy type blog or informative, I would keep it quick or incorporate something else in to keep their attention... IMO blogs entries shouldn't be super long and I find myself losing interest if they drone on and on. I also like it when they stick to a certain theme if its informative... or else I wouldn't keep coming back.