Ross Mayfield differentiates between the two:
A weblog enables individual voice. A post reflects a person’s understanding on a given issue at a moment in time. Individual voices exist in a social context that urges continued participation. Post-to-post communication and feedback encourage continued use and sharing that otherwise occurs only in private. A weblog is a great source for what’s new and the narrative thread that got us there — a simply powerful tool for communication and publishing.
Wikis let the group voice emerge. Each wiki page reflects the current consensual understanding of a given concept.
Weblogs turn individuals into webpages while wikis turn communities into webpages.
Ross should know: his company, Socialtext, combines a wiki and a weblog.