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I think we are use blog to share our thoughts with the all world. But also we use many social networking, than now i want to say that blogging is best than social networking or not.
Bloggin is to show off your thoughts and creations, you need social networking so that you can spread this news to everyone... thing out it I don't think you will go every far 8S
Well one can also use a blog as a means of simple status updates too. For example:
Instead of updating status over on Social Networks, one can make a blog and keep a record of all the status updates in that blog. Whilst feeding them towards all social networks (like ping.fm or leveraging IFTTT).
These status updates can be used as blog material & content (since status updates means everything personal about you and the surroundings). And because you host a blog to put these status updates, you can easily make changes, add some extra bits to it to make it feel more personal (like music/video/pics/multiple links/etc).
This of course, depends on the blogger and the individual's taste of what they want to blog about and what they want shared to their social networks.