The Browser is having some deep thoughts about the blogosphere today. Has the time come for consolidation? It seems blogging has grown so fast, so soon, and is now so fragmented that most are past the point of positive ROI.

What got us pondering the meaning of it all was news of the latest blog to strike an enviable VC deal. Sugar Media, a year-old blog network noted for its celebrity gossip site PopSugar, has raised $5 million from Michael Moritz, the resident genius at Sequoia Capital (you know: Google, Yahoo, YouTube....). Michael Arrington reports that Sugar already draws three million unique monthly visitors and has plans to "launch four new blogs in the next month or so." Such aggressive growth plans makes particular sense in light of Om Malik's comment that the Mortiz M.O. is to put "business model on the backburner and instead focusing on market share."

In other blog news, John Battelle's Federated Media - the blog advertising shop that powers sites like Digg and Boing Boing - has signed a deal to manage the ads on something called SportsBlogs Nation.

It's time to ask the question: Barely three years into the commercial-blogging revolution, is the blog network roll up already upon us? After all, how many celebrity gossip blogs can there be (not to mention tech business blogs....).