This question has been hashed to death over the past many years including who, how, how often, why, etc. and I definitely have my opinions on the matter illustrated by my own efforts.
Regardless of where you come down on this question, I suggest checking out the new WhiteHouse.gov and the Obama administration's blog featured prominently on the home page. Here's the WSJ's take on it.
Let's hope it is not just a posting board for talking points and press releases and truly an opportunity for dialogue. The absence of comments makes me wonder how effective this will really be and I'd hate to see it go the way of misguided corporate blogging efforts.
That said, I'm excited that it's part of the plan and hope we see the execution live up to the potential. I have the same high expectations (see previous post) about the President on Twitter (for real) – http://twitter.com/TheWhiteHouse