As I think about that, I admit that my blog has very little to do with interacting with "customers" for my company. But I think in either case, it comes down to one thing: the most important thing is having a conversation with customers.
How can you take the "best" blogging has to offer and use it on a corporate website? I don't think you need to publish blogs. What you should do is:
1. See The Cluetrain Manifesto. Markets are conversations.
2. Post information on your company or product website that is: A) relevant, B) current, and C) written in a human voice. If there's a reason for customers to come to your site, they'll come.
3. Offer a way to ask for and collect feedback.
I don't know if blogs (in their current form) will ever "cross the chasm". I don't think RSS or ATOM will change the way most consumers will get information (in the short term). I'm not sure major corporations will ever adopt blog tools in their current form.
But the concept of what blogging is is a huge step in the right direction: making markets conversations. What can you do right now to make your current company website be more relevant, current, human, and conversational?