AltaBlogs is a site which lets you create your own blogs. It contains several features which lets you write and edit your posts.
You can edit colours, fonts, header images, comment options, themes, layouts and many more.
You can use custom domain name like myblog.com. Secondary blog names can also be given. If you have registered a blog and you want to get your hand to another one, you can ‘Get A Blog’ (it will let you create multiple blogs with the same profile).
It is powered by WordPress. You can also add/remove widgets. Posts can be categorized and assigned tags.
AltaBlogs is just another blogging service but the distinguished feature in it is providing multiple blogs with a single account.
If this service is to make a big name, they have to offer more distinguished services like this.