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The Guardian has just launched Zeitgeist, a prototype index that displays visually what stories on the site are currently getting the most buzz. The blog post announcing it has some interesting explanations of the mechanics behind it:
To start with we wanted to look at how people use the site. A very blunt way to do this is page views, which has its place but isn’t that helpful in this context.
Instead we’re analysing and combining all sorts of things; where people come from, where they go to next, how long they stay on a particular page, if the page is getting passed round twitter and other social websites, number (and rate) of comments and so on.
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