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Well, basically for one thing it plays of people's egos. Everyone likes recognition and seeing your little avatar on your favorite blog is not bad, it also shows that your blog is "alive" - giving a sense of community. As for how you can practically benefit from this, the obvious choice is to play off the various community features in order to gain potential traffic. What you can do is:
1. Create a community for your blog
2. Log in (sometimes MBL doesn't log in automatically)
3. Add blogs you like to your "favorites" (it helps if these blogs are in the same niche as yours) and add the author as a "friend".
4. Write a meaningful (NOT spam), longer comment on the authors profile or the community "board"
5. Go into your "admirers" list, and use #4
6. Look through the "viewed this page recently" stats of your community page and once again use #4
Remember, don't spam - make it meaningful! If you write an interesting comment chances are that other people will notice you to, check out your blog, etc.
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