A Co-Blogging arrangement can end badly. The case referenced in the link sets forth the ways that this can happen. I've left group blogs a couple of times before, but each had a designated "owner" with subordinates including myself, and the stakes were in each case small.
From experience litigating cases for clients, I've also learned that fights over ongoing control of general partnerships and other co-equally managed closely held businesses (e.g. limited liability companies with 50-50 ownership and co-equal managers), are situations in which there is surprising little legal guidance for such an ancient and well codified area of the law. Corporations less often have co-equal managers, and are as a result less prone to this kind of deadlock.