http://www.themovieblog.com/2008/06...-own-movie-blog
The only point I didn't wholeheartedly agree with was number two, but really that comes down to a personal preference. I feel that shifting from a free hosting service to a paid hosting service would result in a loss of visitors (confused through the switch). It would also undermine any work you may have done to build up incoming links, PR and such. Mind you, even here I can see what he's getting at.
The article is meant primarily as advice for film bloggers, but really after reading it I can see it applies right across the board.
Check it out
