Darren Rowse of Problogger points to a wired article on the new Coalition of the Willing in Political Blogs. 
From the Wired article:
Pajamas Media has signed up 70 bloggers including Instapundit.com’s Glenn Reynolds, CNBC’s Lawrence Kudlow and Pamela from Atlas Shrugs. The site, which will officially launch Nov. 16 under a different name, will highlight different blogs each day alongside top news headlines.
While they were founded by some big names in the political blogging arena, they also some members in the non-political spectrum, such as Monolo the Shoeblogger.
It would seem that there are three basic models for Weblog Networks (examples follow each type):
1. Centrally Owned Content Network – i.e. more of a traditional media network that could in theory be acquired in part or whole by another entity.
Weblogs Inc. (obviously this worked pretty well, to the tune of $30 Million or so on revenues of ~ $1-3M yearly), Gawker, and Niner Niner.
2. Network Ad Brokering Model – wherein each site is owned by its respected creators and the “federated” ad network sits in the middle, taking a slice of the ad revenue.
Federated Media Publishing – which has the fabulous Boing Boing and 43 Folders in its network.
With backers like John Battelle (co-founder of Wired) and Omidyar Network, I don’t think they’ll have any troubling taking off in a major way.
3. Glorified Link Exchange Model
Huffington Post, 9rules, etc.
As Jeremy Wright commented on the Problogger link:
Just sounds like one big-assed blog aggregator. Not sure how it’s a “network” or even a “new network” in any way…
But, with the names behind it they’ll undoubtedly “succeed” – just not in a way that’ll help average bloggers whatsoever.
Of course, the kicker is… your readers don’t care.
They just want great content.