Memeorandum: the future of news or simple popularity contest?

I admit it, most bloggers seem to really like the blogosphere tracking site Memeorandum, but don't count me as one of that group. I admit that the concept is interesting, in the same way that Google offers interesting results based upon its academic reference citation model, but there are some fundamental problems with any site that's built around popularity.

The site's referenced in a lot of weblog postings - indeed, I've linked to it once or twice myself - but the more I look at it and the more I think about the implications of its core premise, the less comfortable I am with it:

    Why I don't like Memeorandum

Maybe I'm clueless about how it really works or misunderstand the implications of popularity based on relevance, but I don't like it. Do you?