Wow. One of the coolest concepts in blog tracking I have seen in a while. If you are really a big time blog geek, you've probably seen "maps" of the blogosphere before. They usually look like big and small dots on a page connected by lines. The big ones look like hairballs. Well, there's a new (or just new to me) player in the space called Linkfluence.net. Their algorithms organise the data in even more interesting ways based on link popularity.
For example, the system can determine if you are a liberal or conservative blogger based on the types of sites that link to you, and the types of sites that you link out to. Then, that data is compiled into spheres of influces and networks.
You can then run simulations to see what kind of "splash" certain blogs make when they publish content. For example, the more influential bloggers have their content spread over the blogosphere like a virus within moments of publication.
Less influential sites make a very little splash, and it can all be visualized on the system.
Definitely worth checking out.