BlogScope is an analysis and visualization tool for blogosphere which is being developed as a research prototype at the University of Toronto. It is currently tracking over 10.16 million blogs with 79.48 million posts. BlogScope can assist the user in discovering interesting information from these millions of blogs via a set of numerous unique features including popularity curves, identification of information bursts, related terms, and geographical search.
So far, it's limited to blogspot.com domains, but the information it gathers is pretty useful. As Bill says, "it has features that I wish that more well known blog search engines were using."
The interface is pretty cool too:
Could it lead to an acquisition?
Forum discussion at Cre8asite Forums.