I've name changed for this (I am on Mumsnet, but sometimes post beyond what I blog about, although it's hardly controversial / private stuff)...
That's nice to read that you like the blog, Style - thank you. I'm happy to respond with my experience / views (they are mine - I can't speak for the other ladies).
The WornOut blog doesn't have sponsored posts etc because we haven't wanted to. As it's our fun on the side, that we do as and when we like, and not a business, it's easy to take that approach. If, however, we were trying to commercialise it, then we would probably look at ads, but sponsored posts are tricky. You are tampering with your content, which is what made your blog valuable and appealing in the first place.
Avril of School Gate Style spoke at the first BlogFest about the need to maintain the integrity of one's blog, and to be careful not to erode it with sponsored posts that are done just for money - she stressed the importance of only working with brands that you actually like and use. I absolutely agree, and I think she does hers well.
If a blogger is looking to commercialise their blog, I have seen some bloggers establish a shop with either (presumably, lucrative affiliate links to) others' merchandise or their own stock. In other cases, it seems to be a way to increase their exposure as a stylist (Tiffany Wendell and Atlantic Pacific) which may lead to other opportunities. The cupcakes and cashmere blogger has managed to turn her blog into a full time job, using ads, sponsored posts (she is connected w Estée Lauder) and her book deal.
Given that the blog is a hobby for me, I try not to spend more than I otherwise would on my clothes, although the blog does keep me more focused on what I wear than I might otherwise be. Similarly, I don't devote much time to it ie go to new season launches etc unless I really want to and it's convenient (I have limited time without my 3 young children, so that time needs to be spent carefully).
Re me feeling pressure due to being a "style blogger", no one who knows me in real life cares that I blog or seems fussed about what I wear. Which makes sense - I don't have a particularly dynamic, unusual look. I wear what I wear and I blog what I wear. I wouldn't buy things, blog and return them - you'd need to be more "invested" in your blog to do that. Also, it runs counter to what our blog is about - what we actually wear and like.