"It's really very simple. Just tell us who your favorite bloggers are and you'll get a custom page that lets you monitor, search, and share your Favorites!" says Technorati. "Give it a try."
Once you've entered your favourites, it works as an aggregator and lets you do keyword searches on your favourite blogs, which sounds useful. You can also share your favourites, so if you want to read The most recent posts from Arianna Huffington's 36 favorite blogs, you can.