There are a number of photoblogs in the blogosphere. With less text and more images, these blogs mainly target the social networking sites over search engines for traffic. But that doesn't mean, you cannot expect huge traffic from Google or any other search engine if your blog is a photoblog. Some simple SEO tweaks to your images can bring hundreds and thousands of visitors to your blog everyday from Google Image Search. Remember that Google Image Search stands at #3 according to the traffic stats from Alexa among all the sub-domains of Google.
Once you have optimized your images for search engines, next you should focus on the traffic coming from social networking sites and other referrals. This optimization simply aims to make your blog more attractive for your visitors, i.e. a creative and professional template:1. PhotoPlus+
By Dante Araújo
2. PhotoPlus+ Light
By Dante Araújo
3. ShowCase
By Dante Araújo
4. Gallery (Updated)
By Blogger Themes
5. BloggerPress
By Insight
6. Hybrid Gallery
By Insight
7. sGallery
by Anshul
*Update
Monetization of your PhotoBlog
I think this is the correct time to introduce a relatively new type of advertising technique called In-Picture Advertising [By Image Space Media]. Similar to In-Text ads these ads are shown as overlay adverts when someone hover their mouse cursors over the images.