Even it still has problems with duplicate content and spam, Google Blog Search has an important advantage over other blog search engines: it actually finds the most important search results. This is the default option for displaying results and it's recommended to use it even if you only want to read fresh news, as you can change the time interval to "last hour" or "last 12 hours".
Google's blog search engine lacks a homepage that displays the most important posts from the blogosphere, but there's a way to find interesting posts without entering a query. For some strange reason, if you search for [label:keyword] or [view:keyword] (keyword can be anything you like), Google ignores your query and displays a list of blog posts. We can assume it's a list of blog posts relevant for any query.
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