The Umbraco Go! blog enables you to create blog posts! The "Blog Home" (the blogs container) is customizable, the blogs listed can be shown as a grid with an image for each post, or you can display the blogs in a list view. The blog also includes an archive sidebar that can be toggled on or off, which will show historic posts by year.
Metadata such as the author, publish date, last updated date and tags can also be added to each post, the visibility of this metadata can also be toggled on or off within the "Metadata" tab.
As you can see on the right, some recent posts will automatically pull through to each blog post, the position of this can be configured within the "Layout" tab of either the Blog Home container, or within each individual post. It can also be hidden entirely if you prefer.
Note that you can have as many "Blog Home" nodes as you desire, for example you may want to name one "News and events", another "Blog" and another "Process updates" to compartmentalize your content into different areas of the site.