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The blog does not intrinsically increase your PageRank.
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This is exactly wrong. A properly set up blog, on the right software as part of your current site, and configured properly for
SEO, will automatically generate backlinks to it. And if you use it properly and blog your keyphrases, it'll raise your site in the serps for those keyphrases and give you multiple doorways into your site for those keyphrases. That coupled with the constant addition of new content ON your site, the RSS feeds, and good tagging, will definitely increase your pagerank over time. Why build two sites and split the effort when you can make ONE site super strong?
I'm going to suggest a different approach to the url. Use myurl.com/news/ instead of myurl.com/blog/ since "blog" has a (rather unfair) stigma. I also understand that there is no longer the same advantage there used to be to using a subdomain, and putting the blog on a sub sometimes plays havoc with plugins and such, so it's better avoided.