While I love the idea of a leather bound travel journal, I usually keep mine on the internet now. That way everyone I know can keep in contact and know exactly where I am on the trip.
I don't think very many people will actually read it all that often, because I don't make too much effort at keeping it entertaining. I mostly write up what I would like to know, and then put up my pictures and things like that.
But, my family really appreciates it, especially when I'm not able to talk on the phone all that often. Sometimes you only have short periods when phone contact is possible and you're not always going to get someone to talk to. Being able to see on a website what they've been doing can really fill in the gaps until they are back again and can regale you with stories in person.