Twitter killing blogs?

I have been trying to figure out why there is such a lack of updates on blogs that I follow, including mine.  I am kind of noticing a trend that the people that used to blog a lot seem to have a pretty up2date twitter account.  I know I am guilty of not blogging due to my frequent yet unimportant updates on twitter.  Is anyone noticing this as well?  Do you think that twitter, pownce and systems like those might be somewhat of a downfall to full fledged blogs?  I have been dabbling with the idea of actually moving my blog into a sub folder and then just putting up a front page that gets the RSS feeds from my twitter, last.fm, flickr etc and displays those on the front of my site and then just offering a link to my blog.