One thing the blogosphere is really good for is providing a stage on which successes and failures are played out live for all to see and (hopefully) learn from. Such is the case with Ketchum's blog initiative.
There has already been gigabits written about all this, so it's not useful for us to continue to harp on these guys (Constantin Basturea chronicles this better than most). What is important is that other PR practices take something away from the Ketchum situation. As far as case studies go, this is one of the best we've seen for producing lists of what to and not to do when hopping on any sort of bandwagon--fad or otherwise.
-JR