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It's nice to trade links with those in your industry with blogs you already read and admire, but I've never put much stock in 'favoriting' just for traffic.
When the top 100 was initially put out I was on there for months, with a peak of slot 32 or so. Traffic-wise Technorati doesn't send much of anything. The top 100 list has become nothing more than a contest to see who can do a better job begging their readers to favorite them, with the exception of the top 30 or so that are quality bloggers.
I do still do the habit of adding people's blog to my favorites but not as frequent as the first hype of the wagon.
Run Engtech's program every few days to pick up the extras, and build yourself a useful custom search engine.
In the end, it's still a list and some people go nuts over lists. :)
Bloglines is a more popular RSS reader than Technorati, so to get on their Top list would take a lot more people importing, but based on the low number of Bloglines subscribers that is currently typical in many industries, and the high percentage of how it affects monetization with text links with TLA (40%) at least on their Blog Juice Calculator, a few extra subscribers makes a lot of difference.
I understand why people do it. It's just not for me.
It looks like Technorati is among the last of the nearly extinct dot com bubble company's.