For starters there is the thrill of the importance of skill for you and the pilots around you. If you are flying a duo setup you have to rely heavily on the person next to you or go down in a ball of fire. One of my favorite pilots to fly with was always Dexter because even if we got completely dicked (As seen here..) we both enjoyed the content. But is this the only saving grace to solo and small gang? I would most definitely say no.
One of the major advantages of flying in a small corporation for your decs is your small size. Normal logic would dictate that a small size would be less advantageous for combat. Although this is true a small size also allows you the advantage of not being noticeable. Due to this you rarely get wardecced by the larger merc/war groups that run around in large gangs of brick tanked tech 3 cruisers due to it costing them 50 million to actually wardec you. In their opinion 50 million is hardly worth it as it is unlikely they will get anything of value off of you or any good fights. Don’t get me wrong you will still be decced once in a while when they see you waiting on a gate for your target or undocking from jita and other times they will assist against you but you are often too small or them to care about, making operating a lot easier. If it makes it any easier consider yourself an old timey pirate attacking the merchant vessels while attempting to dodge the navy.
So what do you get from flying in a blob? Short answer: not much, long answer: A waste of time caused by the lack of care for the fight. When you fight in a blob you have very little skin in the game and very little personal risk. Blob fighting in hisec with tech 3s is something I would compare to sitting on the undock of a lowsec station in an insta loki with carrier drones assigned. Without that risk factor we all might as well go back to mining. My greatest moments in this game have been the moments I have nearly shat my pants learning what I was about to fight and fighting it anyway. In many ways fights are like music. While a good solo/small gang fight versus a similar sized fleet is comparable to the popular symphonies, blob tactics are more akin to an auditorium full of second graders trying to all play the recorder.
Small even fights good
Blobbing uneven fights bad