Robert Scoble thinks so. He argues that Bloglines beats out Technorati because it has more links.
Now, Bloglines may indeed be better than Technorati — I simply haven’t examined it carefully enough to comment. But you can’t focus solely on quantity at the expense of quality. All the links in the world don’t matter if they’re riddled with dupes and junk. And what if one company delivers links much faster than the other? Depending on your need, timeliness may outweigh comprehensiveness.
It’s fine to debate which service is better, but I’d urge a more thorough comparison than a simple "mine is bigger than yours" argument.