I recently read an article saying I could buy my own domain, but continue hosting my blog here on Blogspot. By keeping my blog in the same place and letting Google forward everything, I won't lose any of my incoming links, readers, or PageRank. I know that doesn't have anything to do with this blog, because it is brand new. I don't have any links, readers, or PageRank, yet.
But I figured that, if I was going to try the custom domain, I would try it out on a new blog first - before switching an established blog. Besides, now this blog will always have its own domain - provided I did it right. We shall see.
I followed these instructions on How to Use the New Custom Domain Feature for Your Blogspot Blog. Then I followed the instructions to use custom domain on my blog. Now I'm waiting to see if it works. It says it could take a couple days to get everything switched, which means I probably should have followed the first instructions to tell my domain where to point. Then, once it was pointing to the right place, changed my blog, instead of doing it all at once. Because the blog is already pointing to the domain, but the domain hasn't forwarded to the blog yet.
I will be sure to let you know how it turns out.