We're beginning to see more structure enter the blogosphere as the idea of tracking blog 'conversations' takes hold. I first worked with this last year in Edu_RSS - click the 'conversation' link on this page (hint: the posts with more asterisks have more conversation). This article looks at a similar initiative from Nielsen's BlogPulse. I still think conversations work better when limited to a peer group (eg., your personal social network) rather than the entire internet - click on the Jay Rosen 'conversation' and see whether you can make any sense of it.
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