I knew exactly what you meant when you said blovel so it's not all bad. I did one a few years ago and kept each entry very short and sweet. It came out like a blog entry but was complete fiction with a fantasy theme. Have fun with it. At the end of the day it's your time and the experience and practice has got to be worth something.
I've been thinking about doing one of these. Not a serial-novel, though. Just series fiction. The idea of it seems really cool to me, if only I could get the followers. I've looked around on the net and found that some highly-praised ones do exist, but of course, there's a load of rubbish too. I think it'd be a great way to develope and refine your writing skills over something long-term, without having to dedicate yourself to a novel. Also, if you did get followers who enjoyed your story, the encouragement could do wonders.