Today is the last application day in 2008 to get inside the 9rules Network. If you never heard about it, 9rules is a blog network that tries to group together the best blogs in the world from a wide range of niches.
Members get featured on the network homepage, and in exchange they put a small badge on their blog linking to that page.
Do I think it is worth getting in? If you are a small or medium blog, yes. It gives you some credibility since there are some very high profile blogs inside the network, and it could send you some traffic as well (on the 500 to 1000 uniques a month range).
If you are a large blog, with 5,000 daily uniques or more, then I am not sure if it would be so beneficial for you. A while ago a did an interview with Matt from WebmasterSource.com who got accepted on a previous round, so check it out if you want to hear the opinions of a member.
Thanks Suresh for the tip.