I've been a long-time reader and occasional commenter on the Smart Bitches, Trashy Books blog. It's right there in this blog's link section and everything. Their snarky, irreverent commentary is, in my opinion, some of the best discussion of the romance genre out there. They love romance but aren't afraid to mock its excesses and absurdities when they occur, and they've had a real impact on the genre, especially in exposing Cassie Edwards' plagiarism early last year.
Now the blog's authors, Sarah Wendell and Candy Tan, have a book out, Beyond Heaving Bosoms (2009). And if you love their blog, it's a treat--nearly 300 pages of everything you enjoy online. However, I'm not sure it works so well for new readers. Unless you're already familiar with the online romance community, I think reading it would feel a little like trying to catch the drift of a conversation already in progress when you arrive at the party.