Or we could do a Digg-like community with 25 people by invitation, some you've heard of, some you haven't. All would be voracious news junkies. They would be empowered to add articles, comment on them, vote them up or down. I would invite Scoble, Fred Wilson, Steve Rubel, Amyloo, Jim Posner, Lawrence Lee and (I'm sure I'll think of many more). We'd count on the judgement of these people to find us interesting news items, and be fair in deciding their relevance.
So when Reddit began offering a closed beta test of their "Custom Reddits," MG saw the opportunity to test the theory out a bit. He created something he dubbed "Reddit L33t," and invited the rest of the "B-List" to join him in moderation. Since then, they've experience phenomenal growth in subscribership and participation. I snagged MG to stop by Mashable Conversations a while this evening to chat about it and talk about how it works and compares to other memetrackers around the web.
The embed is available below, or you can download the MP3 file directly here.
You can check out L33t Reddit here.