Hangouts are the new networks for visitors of bars, restaurants & clubs. Only the owners can be moderators. This way they can keep their visitors posted on new events. We'll add photo sharing, gadgets, polls and messages soon!
Blog is short for weblog, an online journal. Often people who are traveling or working abroad start a blog to keep in touch with friends back home, for example.
The big advantages of blogging at Hyves is that if you want it will only be visible to your friends or network, and that your friends see it on their homepage when you've posted a new entry.
You can also just post photos & videos with a short text, e.g. of your food in a restaurant as people in Asia often do. Or, more interesting, a photo of the waitress/waiter.
Anyway, we're digressing , the blogs should speak for themselves!