Despite my excursions into Drupal and WordPress, if you put a gun to my head and made me install a blog based, content management system I'd still go with Movable Type. Looks like there's a major MT revision forthcoming.
Jay Allen hints that there's over a 100 features and improvements. I'll be keeping an eye out for upgrades in a couple of areas: 1) groups and permissions, 2) finer grained control of entry ordering, sans extensions, 3) post metadata.
Still, MT to me has the best crafted underpinnings of all the blogging tools. The data model hits the sweet spot, and the Perl modules are finely honed. I haven't dug into the Php infrastructure, but I suspect it's just as nice, modulo my general misgivings regarding Php as a programming language.