Questioning Authority

Technorati has changed the way it ranks blogs, or at least the wording.  Instead of telling bloggers how many other blogs link to them, Technorati now tells bloggers what their “authority” is.  Mine is 270, for instance.

I know there are some real blogging geniuses who read SHLOG.COM – humbling – and I’m wondering if any of you can explain to me how “authority” is arrived at?  Where’s that number come from exactly?  Is it links to my blog times the authority of those blogs?  Or is one link equal to one point of authority?  ‘Splain it to me.

And for all the bloggers out there, do “rank” and “authority” and “incoming links” really matter to you?  Why?