Looks like it: From our friends Technorati:

* Technorati now tracks over 35.3 Million blogs
* The blogosphere is doubling in size every 6 months
* It is now over 60 times bigger than it was 3 years ago
* On average, a new weblog is created every second of every day
* 19.4 million bloggers (55%) are still posting 3 months after their blogs are created
* Technorati tracks about 1.2 Million new blog posts each day, about 50,000 per hour