No, ez's "blog" functionality isn't very advanced... it you want all the latest stuff like trackback / pingback, ez doesn't have that. If it's just a blog you want, you may be better off with dedicated blog software. I am a huge fan of ezpublish - it is so powerful and extensible - but i still use wordpress when someone asks me to help them set up a blog - there are many things ez can do that wordpress canot, but for a blog, wordpress wins hands down imho.
eZ Publish is amazingly flexible, and can be customized to support any type of content you want. However, usually a CMS specifically built for one content type will usually fit better when you only have that contact type. For blogs I usually install WordPress or Movable Type, but if the blog is part of a bigger site I use the blogging function of eZ Publish. Note that you can add trackback functionality to eZ Publish through the eZ Trackback contrib (http://ez.no/community/contribs/applications/ez_trackback).
As was about to mention the extensions, but I wasn't quick enough ;)
ez benefits: very flexible and if you need a feature, you can write (or find an already written) extension to do what you want.
dedicated blog system benefit: all the devs are focused on blog related features, so that's likely that some features are better integrated/ already existing and that wouldn't be the case with ez
X+
P.S. For tagging features, I used http://ez.no/community/contribs/datatypes/enhanced_objectrelation