I had been planning on doing a review of MyBlogLog but wanted to spend some time using it first. Today as I was going through my Google Reader, I read that Yahoo! is buying MyBlogLog, so there is no time like the present to do this review.

WHAT IS MYBLOGLOG?

In short, MyBlogLog is a social network for bloggers. Through the use of contacts, communities and cool widgets, you can actually see who is reading your blog and find bloggers with similar interests to yours. (Just a reminder - not all of your blog readers actually come to your blog everytime they read you thanks to feed readers.)

You can also use their stats to see where your readers are coming from, what they are reading and where they are clicking off to next. While I really like my Awstats package that comes with my HostGator web hosting, the real time stats I get from MyBlogLog give me something a bit more meaningful.

WHY I LIKE MYBLOGLOG.

Most bloggers like toys and many of us are obsessed with statistics; MyBlogLog feeds both of these desires. The Recent Readers widget is fun. It adds color and a human touch to the design aspect of my blog, but it also lets me know my blog is still breathing. It is good for traffic, too. I know that when I see a new “face” at my blog, I usually find myself compelled to go check out their profile. If I like what I see, I will usually go visit the blog and add the blogger to my contacts. Now, if I am doing this, chances are many of the other MyBlogLog users do the same thing. See how that is a good thing for your blog?

WHAT ARE THE DOWNFALLS?

Like any other social networking arena, you will find individuals who just add you to their contact list to beef up their numbers. If some one adds me to their list and their blog looks too spammy or deals with a topic I find offensive, I do not feel obligated in any way to return the favor.

Basic traffic reporting which includes information on the top 10 referrers, articles, and outgoing links from the previous day is free. If you need more details and want them real-time, it will cost you $25 per year PER BLOG once you finish your free, trial period. When you break the cost down by day, it is very reasonable, but so many of us have gotten used to free services on the web that many may be reluctant to upgrade to the premium version.

So, what are you waiting for? Create your profile today and join in more conversations, find out who your readers are, and what they are really looking for.