Yes, I have said this sort of thing before too, no? (e.g in response to Doug’s and others’s annual expressions of puzzlement or distaste for blogs). But it’s more than that I think. The Google PageRank for a particular blog post is based on it’s URL, but that is not the URL that is in blogrolls (if someone has been kind enough to blogroll me, it’s the naked URL http://platosbeard.org/). But per Google, there is nobody linking to my blog post whereas Lou in fact has linked to the LBO post — and Google chose to return Lou’s archived email message pointing to the LBO post, rather than the archived LBO email message! I guess the blogrolling adds weight to *any* content on the blog (your point).
—ravi