The Joys of Technorati, Whatever it is

I have discovered Technorati over the last several months and am excited but don't know exactly how to categorize this web site that claims to be currently tracking 60 million blogs and whose goal is to "search, surface, and organize blogs and the other forms of independent, user-generated content (photos, videos, voting, etc.) increasingly referred to as 'citizen media.'" Is it a directory? Is it a social media site? Whatever it is, I like it!