I like the new Technorati Favorites feature (thanks for the heads-up Scott) because it lists the posts that you choose as a part of your favorites network and it allows you to search across your favorites for information. Then you can share your favorites with others, here is mine so far.
The new feature is kind of a mash-up between a feedreader and a blogroll. Of course, blogrolls have been very time consuming and not simple to maintain regularly, leaving many to question if they are dead.
I was sort of in that camp when I started, but I found an easy-to-use and free tool called Blog Rolling that I have been using that automates the process somewhat. The Technorati Favorites version might replace that eventually. We’ll have to see. I still like the idea that my blogroll gives a link credit to sites that I like and actually read on a more-or-less daily basis. Technorati Favorites doesn’t do that yet.
The current limit of 50 sites in the Technorati favorites lists leads me to forsee Technorati declaring a future aggregate Top 50 of the Top 50 Faves list. However, the limit on numbers will limit Technorati’s role as a feedreader, with some bloggers claiming to read 200+ feeds a day (I am not one of those) it just won't do. And I for one subscribe to a lot of blogs that I wouldn't necessarily add to my favorites. For instance, blogs that I monitor for clients.
Please feel free to add me to your Technorati favorites lists (or just start a favorites list without adding me) from the button in this post. I have also added the button under my blogroll.