I guess I would disagree a bit. Moblogging is still in its infancy. (Although Steve Mann has been doing stuff with mobile camera on the web for a long time...)
I think the cameras and the other attributes of the device will get better. Imagine the Sidekick with a built in camera and a color screen. The new Sharp phone has a full VGA color screen! Foma mobile video phones do 384K. So, the dinky sreen, gritty image, thing will be fixed soon.
Although the conversation style of moblogging will probably be different than weblogging, I think you have other ways to thread things.
For example, if you leave messages and images in locations for people. For instance, if you go to a restaurant, you can push a button and it pulls up all of the interesting things people have written while they were there and threads you to other places those people have been. If you're going to a place, you search for people who have moblogged from that location, finding links to their images and maybe their weblogs. In an "augmented reality" (see my brother-in-law Scott Fisher's work on this. He's actually done a system of using mobile phones to annotate space with content.) sort of way, it's like annotating the real world. That's how I look at it. I'm this little thing crawling around the earth, annotating it with images, sounds and text. You leverage being mobile by being able to add location. This database can be viewed by time/location/ID and we can create meta information from that. (Yes, there are security/privacy issues.)