Bloglines keeps a running count of the number of articles it has indexed on its homepage. (Under the Search Icon, in the middle of the page... Yes, its not always an obvious place.)
1,000,000,000 Articles in Bloglines (Jan 7)
1,119,448,188 Articles in Bloglines (Feb 7, Today.)
That means in the last 31 days, Bloglines has indexed 119,448,188 articles.
This is an average of 3,853,167 articles per day.
Technorati has done another one of their State of the Blogsphere posts.
Technorati tracks about 1.2 million new blog posts each day, about 50,000 per hour.
1.2 million vs 3.8 million. This means Bloglines is indexing at least 3.2 times as many articles, every day, assuming Technorati is quoting a true Average, and not a mode or weekly peak. This puts Bloglines at about 160,000 posts per-hour.
I would also argue that Bloglines is indexing better data, since people don't want to read Splogs, so they don't subscribe to them, so we don't even crawl them.
Technorati is right about one thing though, that the 'Blogsphere' (what a horrid word) is growing. Growing very quickly.
I am just not very impressed by their numbers that they are spouting on their Blog.