Sounds like a good method.
Instead of using Wordpress, though, you can also use Google Docs (or Google Drive, as it's now called). Your work is safe, and it even keeps many prior drafts in case you get nostalgic for that stanza you cut last week.
You can also use Dropbox, which gives you a folder that is located online and automatically synched with every computer in your life where you install the software. Works great with smartphones and tablets as well.
These solutions do not also give you the web clipping that Bill speaks of, but that's an entirely different feature. You could always go with Evernote, or something like it, which lets you clip and send notes, audio files, pictures and videos to your own online account.
But Bill did mention one great idea I'll be using. For now on, I'm going to email a copy of everything to Kate.
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