A list, metrics, the biblioblogosphere
Several of the women who attended BlogHer have been discussing the blog "A list" and all of the ranking measures used for blogs. This seems a bit egocentric or even whiney at first glance, but keep in mind that 1) many bloggers are actually trying to help people and need to have readership to do it 2) many other bloggers are trying to sell ads.
Mary Hodder of Napsterization just sketched out the Paris Index for blogs
(via Many2Many, I think) which is worth a look.
Walt Crawford just did an analysis of the biblioblogosphere
using many of the proposed Paris metrics. That's definitely worth a read even if you're tired of meta-blogging navel gazing it's probably worth while to know what's going on in a pretty scientific way.
update: Oh, yeah, let me add that knowing you've got readership for long tail bloggers is great encouragement and can improve your blogging process so links are important for even the end of the long tail. (see: http://jilltxt.net/txt/Weblogs-learninginpublic.pdf