Is there not a difference between someone else having to approve every post, and having an expert that you can consult with on tricky subjects and who occaisionally catches you when you don't know you are making a mistake?
It's like the difference between educationalist giving their content to a technologist who then puts it on the web for them, and a technologist providing Moodle and getting out of the way, until they are asked or feel that they can help. From certain angles it seems like a matter of degree, but in my experience it makes all the difference because of ownership.
Note also that my link to Sun's Policy was about the public, conversational nature of blogs rather than my point about ownership. For example Martin says that some Moodle's will have a potential internal audience of tens of thousands. However if, like most blogs, your focus is incredibly narrow, then your potential audience may be only one in a million (if that).
The Sun blog policy suggests that you talk about what you know and people who are interested will come even if your speciality or interest is something utterly esoteric. Being asked to write regularly (rather than follow your own schedule and interest) for an audience that is unlikely to be interested again strikes me as un-bloggy, though obviously you can use blog technology to do this with ease.
The trackback angle is intersting as I had heard that Trackback is Dead with Technorati, Bloglines, Tagging and Folskonomies tipped as the new contenders for linking to related posts, but I would have thought that they mostly make sense in a globally distributed sense i.e. if I'm only linking to other posts within the same Moodle then each post is sitting on the same machine, in the same database table even, so a complicated trackback mechanism that allows you to send messages from one machine to another over the web is unnecessary. Rather, as I think has already been discussed, a 'blog this' button could be added into the interface just as easily as a 'comment on this' and behind the scenes the two would be essentially identical.
In other words, trackbacks allow you to build what is essentially a distibuted discussion forum, once you take the distributed element away, most differences from a discussion forum are primarily vestigial artifacts of the previously distributed nature.
A final point about the spectrum of conversational tools in Moodle: I've occasionally wondered why Moodle doesn't (optionally) allow comments on resources, as it does on Glossary entries and, I guess, Blogs. This technique is often used to build on, annotate and even correct online documents such as the PHP reference.