judging by the amount of websites like sponsoredreviews.com and reviewme.com you would there it would be. Depends on what you are promoting i guess
I think it depends on what niche you are in... some niches are more blogged about than others... and thus provide a lot of referral traffic from blogs... and generally bloggers like to read other blogs too
this will happen if you choose blogs after good studies. their are many who would fool you with traffic stats to earn money. although I wont