Scoble talks about following conversations through the blogosphere - which is something that technorati is designed to do. As to why you would want to follow conversations this way, I wrote about that here. Scoble puts it this way:
For instance, I Technorati the new General Motors blog and I get to see everyone who links to the GM blog.
Why do that? Well, I find that corporate blogs only give you one side of the story and I wanna find the people who are giving the other side of the story. I also want to figure out if there are blogs on the topics of cars that I should listen to. That's actually how I was reminded about the Autoblog, for instance, which I linked to yesterday.
Thus far, I've found PubSub to be better at this kind of tracking than technorati, but technorati is fast. If you want to track commentary on something, you really have to use a number of tools. Here's what I use:
It's important to find out what people are saying about your product and/or services - a single negative review can spread bad words of mouth in ways that seem to violate the laws of nature - and if you don't notice that, how do you expect to respond to it?