It would be difficult to predict how much traffic or conversions you'd get since that all depends on a number of factors - SEO, keywords, the niche, the sponsor, etc. And as ronnie said, what kind of traffic you can feed to your blog.
I'd say from what I've read that 100 daily uniques would be the minimum for a successful blog and some would say 1k uniques a day is their idea of an average blog. It depends on what you consider a success.
Conversion seems to better with blogs.
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