From a practical perspective: Blogs may rot, but wikis decay. Larger projects with established community manpower may not struggle with offsetting the maintenance and complexity that traditional wikis demand. For personal writing, however, the burden of preventing decay falls entirely on the author- and it's not a trivial burden. Like others have mentioned, there seems to be an absence of great wiki software offerings that do a great job of mitigating said burden. The few I have tried introduced an inherent complexity and maintenance overhead that significantly detracted from the core activity of writing.
Regardless, I'm hoping that it's just an engineering problem that has yet to be solved instead of an unavoidable characteristic of the medium itself. I would love for the wiki to make a big comeback.