I still think they are worth it. But it really depends on how you approach it.
If you are thinking of just launching a blog and posting about whatever topic strikes your fancy at the moment, then no I don't think it is worth it at least not for monetary reasons. You won't make any money doing that unless you are incredibly interesting (and 99.999% of people aren't - or at least can't write interesting material that way).
If you are thinking of launching a niche blog that you know absolutely nothing about and aren't really that interested in, then I think it is a bad idea too. It could work if you are experienced enough. If you don't have many years of experience though, I doubt it will work for you. At least not as a way to make serious money.
If you are launching a blog because you have identified a need in the market somewhere and you are using that blog to fulfill that need, then I think you are onto something and it could very well be worthwhile. It still depends on what the topic is and how you intend to monetize it. But, there is income potential there if you choose the right problem to help people solve and you choose a good monetization method for that particular problem.
Unfortunately, there are many variables involved. And some of those variables can break your business model if you get one of them wrong. That's why it isn't very common to see someone making big money with a blog.
