I thought I mentioned PubSub's LinkRank earlier, but can't seem to find the post. In any event, thanks to BoingBoing, the topic came back onto my radar screen. In particular, the algorithmic details are available.
LinkRank doesn't rank posts but domains based upon weblog post links. Of course New Media Hack is way out in the long tail. The numeric formulas are interesting, since they don't follow the iterative approach that PageRank, and its poor imitators, use.
And just for the PubSub folks: http://psi.pubsub.com/20040413:linkranks:1