Thanks to the popularity of sites like Plaxo Pulse and FriendFeed, the act of lifestreaming has become an all-important factor in keeping the world updated as to your every move in your web life. Combining lifestreams from across services was often viewed as an integral part of profile aggregators, but now we're seeing its use as a self-promotional tool that enables individual users to re-broadcast their web content to a larger audience via a single point of access.
Beyond this, the value of such lifestreams lies in the ability to leverage all the incoming content for search, discovery, recommendations, and networking. As lifestream.fm doesn't readily have all these practical features just yet, we were a bit surprised to learn that the service has been acquired by social bookmarking site Mister Wong, for an undisclosed amount.
Not too many details have been given about the way in which lifestream.fm will be incorporated into Mister Wong, but I imagine an inherent function for pulling recommendations out of lifestreaming content can be an extrapolating feature that enhances the direct bookmarking activity already present on Mister Wong's site.