Time-wise, I personally think that new bloggers should devote a minimum of 2 hours per day to developing and growing their blog.
Now, you can do this in a few ways, with a few different insights to each option...
1. Spend two 8-10 hour days working on your blog. Depending on who you are and how you work best, you could really hammer out some great stuff, post-dating content, and jammin stuff out. OR - you could get burned out, you could forget what you were working on last time, or you could feel overwhelmed with the knowledge you need to absorb.
2. Spend a scheduled chunk of time, every single day, working on your blog. Again, depending on who you are and how you work best, you could see setting the appointment with yourself as structure that will keep you going... it will keep the information fresh in your mind. On the other hand, you could find yourself obsessing, losing time (not all tasks can be done in two hours, especially if you get caught up in other things), and you'd really need a to-do list for every single day.
That being said - I think either option could work, depending on your own style. Eventually, once you've gotten to a point where you feel the need/desire to spend more time, re-evaluate and do so.
As far as the money is concerned, different niches will garner different money. There are mommy blogs out there making six-figures a month (Dooce.com) and there are make-money blogs that are making six figures a year. There are food blogs that make $500 a month, and those that don't make any at all. EVERYTHING boils down to the niche, and what you do as a blogger (beginner or not) to make that blog the most fantastic thing so that the money comes to you, rather than you having to chase it.
I'm pretty sure that Dooce doesn't go out there chasing after advertisers... she's got a link on her site, you click it and you buy your chunk of advertising, and that's that. (She uses federatedmedia, btw - which is ONLY for top bloggers, and very exclusive.)
Honestly? I know that everyone wishes they could devote 10-14 hours a day to their blog. Sure, someone who does might go above and beyond your ideal goals there in far less time, but does it really matter? Let's not take the personal aspect of blogging away... sure, it can be a business - it can bring in enough to pay the light bill or it can bring in enough to buy a new house with cash. You don't know til you do it. :)
Oh, and one more tiny thing about your newsletter charge... I love AWeber and recommend them highly - but not to anyone who doesn't already have at least 200 RSS subscribers. There's no point paying $20 a month to talk to 5 people in a newsletter - you can build a signup box and send them regular, non-formatted emails if you really have something to say that can't be said on the blog. This of course, is unless you have a project in mind like the 31DBBB where you can actually schedule a series of newsletter emails to go out no matter when someone signs up (autoresponders)... that's an entirely different story though. :)
