Getting paid for your work is a foreign concept on the Internet, so today's soapbox diatribe is a reminder to value your work.
By "now", your hypothetical blog is a bastion of great content, you have developed a loyal following, and showcased your personal voice.
I think it's important you value yourself as a writer. Consider giving your work away for free to other blogs, or printed publications, carefully. If you write a successful blog, if you have cultivated a loyal following as the result of excellent work, you deserve more than "free traffic" to your blog.
It may seem silly to insist that you at least consider compensation, but as print continues to disappear, and talented writers take to the Web to share their talent, it seems ludicrous to treat writers—in whatever capacity—as non-valued labor.
How you negotiate this is up to you, and it's a tricky road. Many blogs pay freelancers by page views (Examiner.com pays pennies for every X00 views) and some blogs don't pay freelancers at all (like The Huffington Post). Your level of experience and success will dictate your bottom line.
Of course, if you're just starting your journey through the blogosphere, it might be awhile until you face this issue (if at all). It never hurts to remember to value your work as a writer!