It's counter-productive. The site shows only 50 things on the home page. Sure, LJ could change that number, but whatever the number is the problem will remain. With the current 50, we see 1 oldie but goodie and the latest 49 updates. That could be 49 stories. Or maybe 2 reviews and 47 stories. I have no problem with anyone blogging about what's going on, but an entry that simply says "I posted chapter 3" isn't harmless. Yes, it doubles HIS space on the home page, but he gets that at the expense of whoever was at #49 beforehand. This is a zero-sum game. The 'reductio ad absurdam' end result of this would be 50 entries but only seeing 24 stories, because of 1 oldie, 1 review, 24 stories, and 24 'look at my new chapter' blogs.
It's certainly not a serious problem yet, and it may be simply the cost of doing business at an open mike without censorship. It just seems....selfish to me. "Hey, everybody, look at my utterly devoid of useful content blog entry that kicked a really good story off the home page so you missed it. I sure am important!"
I would rather see whatever #49 was, the item that got kicked off for the empty blog. Or maybe a second story from the blogger. That would be worth seeing.