I think blogs and wikis serve different purposes, so it could make sense to use either (or both) depending on what you’re trying to do.
Blogs are good for one-way communication from a single information source to many readers comprising an audience. Many blogs support comments from readers, but for the most part this is meant for brief discussion or feedback to the poster(s) and little else—it is not typically useful for hosting detailed discussions. Besides one-way communication, a blog also normally communicates information with a limited shelf life. This is because older posts are pushed out by newer ones.
So, because of this, blogs are particularly well suited for broadcasting news collected by a single source about a particular topic to an interested audience. Used in this way, blogs are a powerful way to break down information silos that develop in companies, educational institutions, etc.
A wiki is a different beast entirely. Whereas a blog allows one source to communicate with many readers, a wiki allows many writers to communicate with many readers. The nature of the communication is different as well—instead of each individual playing the role of either writer (as in the case of the blog poster) or reader (as in the blog reader), wikis encourage collaboration between individuals by allowing each person to play both roles.
The other significant difference between a blog and a wiki is the type of information communicated. Whereas blog posts are suited for information that has a shelf life, wikis are intended to capture information that does not grow stale with time. So, wikis are particularly well-suited to capturing institutional knowledge that is distributed over many people that all have a stake in recording that knowledge.
There is one significant limitation of wikis, however. A wiki is typically not very good at keeping information that requires complex hierarchical organization. The best examples of the most successful wikis are sites like wikipedia, which has a very flat organizational structure. There is a main page from which users can look up entries, and a flat catalogue of those entries, and that’s about it. Wiktionary is another good example.
If the goal is to document information that fits into a complex hierarchy, a wiki will be most useful if some flattening of that structure can be agreed upon, or the task of documenting and policing that hierarchical structure is undertaken as a first step.