Let's say you ready an action, that when you are on the ethereal plane you will drop your weapon. Does this work, would you return to the material plane without a weapon? Could you blink again and pick it back up later?
Blink: ...you vanish from your current plane of existence and appear in the Etheral Plane... At the start of you next turn, and when the spell ends if you are on the Etheral Plane, you return to an unoccupied space of your choice that you can see within 10 feet of the space you vanished from.
A scenario where this could be very useful, imagine you are holding a ticking time bomb, you blink into the ethereal plane drop the bomb and blink back just in time, saving your party from the explosion.