Blogebrity.com - Who's Popular in the Blogosphere

A while ago, Blogebrity launched under the premise of collecting the most inbound links, i.e. who's got the best memes, to win a contest. Today Blogebrity is a ranking and algorithm tool which ferrets out popularity in the blogosphere. In essence, Blogebrity is simply a two column blog which relies on lists for content. Bloggers are front-paged for achieving most active, A-list, C-list, or D-list status. It's like People for the blogosphere. You'll find that Blogebrities once tipped about their standing, actually relish being on any list—bloggers tend to be vain attention mongers after all. The team at Blogebrity chooses, with the help of community votes, who's the best, and their cheeky take on being a web celebrity has turned heads. Besides tracking who's who on the web, the site also pinpoints the most popular topics of discussion. To submit yourself or your pals for blogebrity status, you'll have to create an account.

"When we started, Blogebrity was borne out of a simple need -- raw linkage. We entered a contest, we needed the most inbound links to win, and so we made a site that played off the ego-driven nature of the blogosphere to derive inbound links from the ego-stoking of the most active bloggers out there.
At that point, Blogebrity was a simple site made by simple people that explored the daily travails and "navel-gazing" world of the Blogosphere.
Today we have evolved from the days of a closed invite-only list, to a fully democratic popularity algorithm and ranking community. We want Blogebrity to be community driven, and iterative on a continuing basis -- by contributing today, you help shape how each and every blogger's popularity is perceived."

Blogebrity is an interesting take on the sheer vanity of bloggers. Their tongue and cheek approach has made their site wildly popular and it's fascinating to see the effect of giving celebrity status to regular bloggers. People love it, even those that happen to make the coveted D-list.

Isn't this at most a very popular joke? How does blogebrity arbitrate who gets listed? Is there any real substance here?