The Blob Brush tool is one of the coolest tools added to Adobe Illustrator CS4. Sure, the pen tool gives you lots of control, but the blob brush tool can give you similar results when inking a drawing. The blob brush can save you lots of time and let you draw in a more traditional manner. I will say, in order to take full advantage of the blob brush, you need a tablet. It works with a mouse, but does not give the ability to create dynamic lines like you can create with a tablet.
The dynamics of the blob brush on their own are pretty cool. When you make a mark with the blob brush tool, you create a closed compound path. When you make a mark of the same color that overlaps the previous mark, it merges with that path. This will save you all kinds of time. Once you make your shape, it is completely editable just like any other vector shape.