In terms of wide spread adoption, I think the points made at AoV are incontrovertible, but I do imagine that audio formatted weblogs will be useful to those who can't read (for one reason or another). However, this might be a poor solution for providing access to those who need sound?
The current blog entry audio clips don't help you navigate the blog, and how would you know where to click to begin the audio if you can't read (due to reasons of blindness or academic depravity)?
Also, think a bit about the usability of a computer generated voice reading a weblog entry. Stunted and jilted voices reading stunted and jilted entries would make for a horrible listening experience. The writing style would have to change (read: become more professional), and be spoken by excellent voice synthesis software. Otherwise, bloggers should just rant into a microphone and post the mp3.
How would Audioblogging change memepool? It's incomprehensible as is.