Live blogging is kind of a weird duck. I regularly read the minute-by-minute match reports for overseas Premier League Football matches from The Guardian's website [tg] and it's increasingly gaining popularity in regards to covering technology conferences. People regularly live blog Steve Jobs' keynotes now, and even local tech talks get live blogged.
It's a mixture of live radio coverage, play-by-play and live novel writing. What's live novel writing? Glad you asked.