I think the business beneifit to commercializing blogging activitiy would be to anthropomorphize (is that the right word to use?) the company's image. It's more than PR, because it's interactive. It's like reverse-personalization.
By providing access to these people, the company
puts on a human face. That's going to be much more engaging than a TV schedule listing.
Just updating a list of new recipes or telling me what's up with the weather isn't anything new. I can get that on the web/usenet/mailing lists today without a blog. I think using a blog for that would be awkward, sort of wrong tool/technology for the job.
So instead of Blogger-as-newsfeed-moderator-for FoodTV-PR-dept, maybe Blogger-as-RealWorld-meets-FoodTV-cast-member?
Another place where it might make sense is in technical support. If I want to know what's going on with a product that I own, or am contemplating purchasing, I'd like to see what the tech support people think of it. I know tech support people at Apple and Dell, and I frequently ask them about things I might buy.
Clearly that's valuable but I'm not sure how the company would be able to capture the blogs' value as revenue/profit.
just a thought.