You must have heard a number of times about Memeorandum given that the biggest fan and user of the application is Robert Scoble. He introduced me to the initial implementation around BloggerCon III, and this is also when I met Gabe Rivera, the innovator behind Memeorandum.
What is the main concept ? The program is going to monitor a set of news sources, track the links pointing to news items, and elevate the posts that get most linked. You can also see short snippets of these “linking” posts.
What is it used for ? To show what are the most important conversations going on (based on the number of links, etc.). Today’s tech meme is the acquisition of Skype by eBay, which leads the home page to be almost only focused on that topic.