This is how I describe my tumblog:
I try to post a quote, a song, and a picture every day. Some days I actually do that. I also pull in links to some things I do on the web to this tumblog . And I reblog the things I find on tumblr that I like.
I've been thinking about how to integrate it with this blog so that there is one web service that people can visit. I am working toward that. The first step is that you will now see a link on the upper right of this blog that says "tumblog". Click on that link and you'll be taken to fredwilson.vc
And I've just turned off the service that pulls the AVC feed into fredwilson.vc. So the two services are no longer semi-redundant (it will take a few days for that to really have an effect).
I think there is a lot more I can do to integrate them, but this is the first step.
The next step would be the ability to easily (one click like flickr) reblog a tumblog post onto this blog with a link to the original post. I hope that's somewhere on David and Marco's feature list.