Steve Rubel has a post on Web 2.0 Economics 101 suggesting that ".. measuring sites on traffic is becoming totally moot".   But I think a lot of that has to do with making conent a commodity, because people tend to devalue what they can get easily.

"…It's much harder to attract people to web sites when there's much more content and it becomes a commodity. The people who got in early and achieved scale or have a truly differentiated approach will be the winners (thanks in part to Google Juice). The Attention Crash is another force at bay here too. It's directly related."

Rubel goes on to say that "bubbles" like the Internet and Mortgage Bubble, are caused by "..people start ignoring basic economics".

I don't know how many people actually understand basic economics - (maybe that's why they are ignoring it).

However, the idea that it's getting harder to get notices as you put out more and more content, comes from Robert Scoble,

"…Well, it’s getting harder to get noticed. I have seen this problem in companies. Where it used to be just fine to get one blogger to talk about you (remember how Co-Comment launched? I was the only blogger to do that and they got tens of thousands of people to sign up for their beta in the first day. Today, to get onto Techmeme you need to have dozens of bloggers writing about you. TechCrunch MIGHT get you that coverage, but you can’t count on that, so you need a group of blogs to write about you, all at one time.

What does it mean for bloggers themselves? Getting noticed is tougher. Which is why I am seeing more growth lately in Twitter. People want to be heard and what’s the most likely way that you’ll get heard? Join Twitter, where thousands of people are hanging out all day long? Or write a blog where you aren’t sure anyone even sees it? I see the answer, even though Twitter is causing its own commodification to happen."

Personally, I don't like making anything a commodity, in almost any form.  Sure, I want to buy cheap batteries, but I don't like when it comes to skills - that's why specializing, doing something differnt, writing something different is where it's at.