From their blog:
We have long talked about 'bringing blogging to the masses' and today we have released a new version of fav.or.it which we think moves a quite a few steps towards that goal. We hope that we have firstly simplified the interaction with blogosphere and in turn made it accessible to a whole new audience. And for the more tech aware users we hope we have a raft of features that will also appeal.
Some of the more important things the site can do include conversation tracking, identity management, simple and easy to use searching, integrated commenting and much more. Check out Nick's list for more great features or just make a login and check it out for yourself.