The New York Times puts in its two cents on corporate blogging. Surprisingly, Fortune 500 CEOs have been slow to get on board: Sun Microsystems’ Jonathan Schwartz is the sole example. Arguably, other CEOs are ignoring a powerful tool:

Capital markets function as they should when the flow of information is strong and unimpeded. Mr. Schwartz has shown ably that for the chief executive sincerely interested in increasing information flow to the fullest range of stakeholders, a blog is a hydraulic wonder.

Among the conspicuously silent: Bill Gates, Steve Ballmer, and Steve Jobs. And then there are the perils of half-hearted attempts:

[Whole Foods CEO] Mackey has made a total of six posts over the course of 10 months, and these consist of reprints of speeches and interviews and similar materials created originally for a different purpose. Using blogging software to park a reprint once every two months does not a blog make.

Large corporations are spending enormous amounts of money on advertising and public relations campaigns that arguably (if, for example, the authors of Naked Conversations are right) cannot produce nearly the return on investment as honest conversations with customers. It might help to think of blogging as the stock market’s verbal incarnation. Further (chant after me): customers crave market transparency.

Speaking of the market, Jonathan Schwartz used his blog effectively to mollify investors after Sun’s quarterly earnings were down—but not by spin and “marketese”:

After the earnings release, Mr. Schwartz itemized on his blog the many positive developments that he sees in the company’s business. Viewed alone, it would be easy for unhappy investors to dismiss. But read as the latest installment of candid self-evaluations of the company’s strategic initiatives and performance, Mr. Schwartz’s optimism exerts a tonic effect.

To adapt a political phrase: it’s the honesty, stupid.