Everyone has listed some great strategies for generating traffic. When you have the right combination of the aforementioned methods, you can succeed. And I do agree that quality is just as important.
With regard to blogging, The Wall Street Journal recently published an article about monetizing blogs:
If you're not making money off your blog, 2008 might be the year.
As more people see potential in earning money off the Internet, there is a quickly expanding array of advertising services and tools for bloggers that go well beyond the standard pay-per-click text ads or display ads.
Many of the most widely used programs are adding features to allow users to customize the appearance and placement of ads on their sites. Some also are introducing newer money-making mediums such as audio and video ads.
You can read the rest
here.
Hope this helps!
