The ROI question again

Charlene Li is asking for help.
Sge says:

One issue that keeps coming up over and over again is how to measure the ROI of blogs. I’ve written about this in the past and have been stewing over how to go beyond the intangible “blogging is good for your business” exhortations to quantify blogging’s benefit to organizations.

Well, we’re getting close but we could use some help. My colleague, Chloe Stromberg, and I have been interviewing companies about how they measure ROI and realized that we needed to throw the net wider – this is where you come in!

I have some questions about ROI as a measure. It is easy to take a simplistic view.