Yes, each user can have their own personal web-log or blog. This type of journal can be its own attraction if it is used and becomes popular. And as you can see below, you can attach videos and other files to blog entries, in addition to having multiple ways of processing text/data/formatting.
A potentially powerful feature. This example kind of sucks. But (click on "Read more") the documentary below is interesting if you're a history buff.
Blog entries can or cannot be promoted to the front page -- thus giving the site new content and making it appear more busy. This post was not posted to the front page.