I've just found out about this, and I think it's such a fab idea.
Basically the idea is to showcase your blog and gain followers, while finding new blogs to read and follow. I think this is a great idea for new bloggers (like me!) who are trying to gain followers.
For more information, go and check out BlogLoveTherapy's blogpost here.
So make sure you go and check out the blogs, and get yourself on the list!