I just found that Wired sheds some more light on my article on WeblogsInc. .

"Calacanis expects to launch his self-funded venture with five or six in-house blogs, expanding quickly to about 20 -- most of which will be produced by independent outsiders he won't identify -- and then over the next year or two to about 300. The content will be edited by a hired editorial staff and jointly owned by Weblogsinc and the bloggers themselves. The company's business model calls for splitting revenues, which Calacanis acknowledges will come slowly at first, with the bloggers."

Aha, here we go. But the article does not mention the revenue sources, he expects. Nick Denton has contributed some perspective from his point of view and some financials from gizmodo.com.
#Update: There are some more valuable arguments.