Doc Searls found a blackhole. Matthew Hurst of Nielsen Buzzmetrics, a social media expert, has mapped the activity in the blogosphere by collecting link data. He provides multiple views, focusing on various aspects. The Discover Magazine explains one of the graphs.
Apart from the vibrant graphics, the maps convey that political bloggers link each other more than the others. I would have assumed that the technical blogs would employ that more. Matthew explains that this is because of nature of the domain since connectivity is fundamental to politics. It will be interesting to see the contexts of links, whether it is to further the discussion on a topic or to keep hitting back at each other.
Linking is just the technology, how it is used is completely dependent on us. Whether we progress by learning and adding value, or we keep churning out the same thing making everything in it meaningless depends on us. I guess that is what Doc meant by the snowball and the blackhole.