I love it.  Technorati is updating it's page design and I am watching it as it happens at 2AM.

A note to Dave Sifry: I like the alternate background coloring, Dave.  I also like the conversation thingy except I don't want to click on all the conversations.  Reflect the LOUDNESS of the conversation behind each entry with some visual hint (i.e. icon count, color, size) so I can zero in on the center of the noise.