Yesterday, Richard Jalichandra (Technorati's new CEO) introduced The (really) new Technorati.com:

it leverages the best of Technorati's definitive resources to offer an evolved, discovery-driven experience that is more powerful, more relevant, and more instant than ever before.
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This release is momentous, but it's also multi-faceted, and to do the nuances justice I've asked a couple veteran team members to post some rationale and descriptions of the new features. We'll be listening for your feedback as we progress from this step forward, and we hope you enjoy the new discovery.

OK, let's turn to Peter Hirshberg, Discovery, News and Blogs:

We built Technorati on blog search .... But the incredible growth in user generated content means we need to go beyond the "search" paradigm and find a better way to highlight and present the best of what's happening now, and moreover what's gaining attention in topical areas of interest to our audience.

And Ian Kallen, Discover The Real Time Web:

today we're releasing discovery features that have been tooled up to bring you the Technorati Percolator. .... Our search application surfaces keyword, tag and link query results as they unfold. Our discovery features will tell you what's going on, not requiring that you know what to ask

So, what's the verdict around the blogosphere? In offering his own view, I think Fred Wilson (A VC) has the best summary right in his post's title: My Love Hate Relationship With Technorati.

But, don't take my word for it, all you have to do is search Technorati. Does that answer the question? We report, you decide.