Technorati considers itself to be the recognized authority on what's happening on the World Live Web, right now. The Live Web is - in their words - the dynamic and always-updating portion of the Web. We search, surface, and organize blogs and the other forms of independent, user-generated content (photos, videos, voting, etc.) increasingly referred to as “citizen media.”
As they say, on the World Live Web, bloggers frequently link to and comment on other blogs, creating the type of immediate connection one would have in a conversation. Technorati tracks these links, and thus the relative relevance of blogs, photos, videos etc. Technorati rapidly indexes tens of thousands of updates every hour, and so they monitor these live communities and the conversations they foster.
On Technorati you can search blogs based on tags, on the blog text or on the Technorati directory. Also you can search on authority, which is determined by the number of links to a certain blog. And also you can find out who is referring to your blog.
I think Technorati is an important example of how the social web is evolving.
I've claimed my blog on Technorati too. Look here for my Technorati Profile.
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