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Splogs take less time and do exactly what they are intended to do, promote and sell and I have several of them on first page google for specific keywords. The idea that splogs get treated any differently than blogs in the search engines is a myth.
One the other hand, if you have something unique to say or sell definitely go with a blog, but for the time you have to invest in it, you should probably just write a novel.
I could have my definitions screwed up for what a splog actually is though
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