I've been using Technorati ever since I started blogging, and indeed the biggest difference with a search engine like Google is that it provides you with insights from the 'real-time web'. But I find it hard to believe that as more and more people are reading and publishing blogs the Google's of this world will not 'take' this niche as well. They should. Update: MSN already has a blog only search engine, MSN Blogbot.
"I know people look up themselves, and try to find out “who’s talking about me?” That’s the classic Technorati search. The other thing is research, but a different kind than you can do on Google. Let’s say you’re looking for a wine connoisseur – on Google, you’ll get a bunch of e-commerce sites. On Technorati, you’ll get the guy blogging about wine: the expert."