Recently every blog I visited had a MyBlogLog recent readers widget added on to it, so my curiosity was peaked about what this new service that I kept seeing was.
I was pleasantly surprised with the features that MyBlogLog offers. Along with the recent readers widget you can add a Top Links widget and a Stats script. They offer a free version and a pro version that you have to pay for. From what I can tell so far the free version is probably sufficient for most bloggers, unless you just have to have the real-time stats.
The other added feature is a community page for every blog that you own. To see an example of a community page take a look at the LGR Blog community page. On the community page you get a great overview of the readers to the blog, can post comments to the community and view the recent rss feed from the site.
The benefits of MyBlogLog are the possibility of increased traffic, a unique user community for your blog, and it is just basically cool to see who your readers are. There are also some downsides. Spammers did not take long to invade the community. I have already had as many spammers visiting my other blog which meant I had to hide them. Also the comment section of the community pages seems to be a target for spam. Hopefully MyBlogLog will get a better solution to control spam soon.
If you have a blog take a look at adding a MyBlogLog to your site. It adds an additional fun component to your site.