Ted Leung says says what he really wants instead of Memeorandum is a site that surveys sites he’s interested in rather than weblogs in general for interesting stories. Sounds like a perfect service for Bloglines to me.
I’m finding Memeorandum pretty useful as a way to get an idea of what everybody is talking about at any given time. It’s where I found the link to the Seattle Times story correcting the popular accounts of what happened at the Superdome after Hurricane Katrina. The site seems like a good place to find out what you should know about and what you probably shouldn’t be linking to.