It seems Technorati’s algorithm is not working effectively (read, broken) to rank blogs on their true worth. This post shows how one Blogger leapfrogged their system by mistake.
Any algorithm based purely on the number of links pointing at your blog is not going to be very effective and is bound to be gamed – just ask Google!
I agree with the poster, something else is required. Personally I thnk the best way of ranking blogs is by traffic .. providing everyone can agree how that is measured.