There are two Memeorandums, by the way:

1) For tech news junkies.
2) For political/current events/major news junkies.

Here’s Gabe’s post about the new design.

So, what does Memeorandum do? It watches the top bloggers in these two worlds and analyzes what we link to. The more bloggers who link to a specific story the higher on Memorandum it goes. Oh, and don’t think it’s simply a tool of the elitist A-list either. If you watch it often you’ll see a lot of new blogs come through that aren’t on anyone’s A list. Why? Well, if we all link to you, you’ll get added to Memeorandum no matter how popular your blog is.
It’s like Google News, but the algorithm depends on thousands of bloggers.

Compare to Tail Rank, Blogniscient, DIGG, Chuquet.

What do you think? Have you started using a memetracker yet? Why or why not? If not, do you visit a news site like Google/Yahoo/MSN’s news pages?

MEMEORANDUM TIP? Visit the “preferences” at the top right of the page and turn everything on. I wish Gabe would just do that by default, but it makes Memeorandum a lot more interesting to me (cause then I can see a lot more headlines).