After 2 minutes on Google Blog Search, I'm flagerblasted. Some good results and some others not so. It take account of diacritics, ie- "Éric" and "Eric" have differents results compare to Google Search.
On a query it show you the title of the page, the time it was published and the author. Sometime you'll see a clustering on some subject.
You can also subscribe to each results pages for 10 or 100 results to see if something new will come out.
Also, despite what's in the About section, you can find some forum threads in Google Blog Search. More reviews laters...