I think there's a decent argument to be made that it is, despite all expectations, a web log ("blog"). It's a humongous, openly-authored log of media and opinions. Think of it as a group blog with the group being very large and not necessarily of the same opinion.
Yes it is. But there are a lot of Freepers who always say, "FR is not a blog", whenever it is referred to as a blog. I wanted to beat them to the draw.