How is this different to Stumbleupon or even Digg? I guess it comes down to smaller, but more dedicated communities of users, and a limit to blog posts only. Worth a play.
Online Journalism Blog
Comment, analysis and links covering online journalism and online news, citizen journalism, blogging, vlogging, photoblogging, podcasts, vodcasts, interactive storytelling, publishing, Computer Assisted Reporting, User Generated Content, searching and all things internet.
Online Journalism Blog 
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Social icons facebook.com very beatiful
I came here searching for that term, because of Darren’s post. Presumably it is as you say, a way of bloggers recommending blogs to bloggers 😉
Cheers,
Will 🙂