Blogs appear to be great as a news alerting service. For the librarian it is a way to do current awareness for the users. Also a way to share what is happening in the library such as new resources, changes in location of items, etc. I think of a blog as a collection of posts that can genrerate discussions.
A wiki is an interactive site where everyone can participate. It is a great way to do library instruction. It is also a way to share and manage reference desk information. It can be used to create a guide. For me it would be a great place to have patient safety information.