These awards seem much like chain letters to me, with the way they are usually passed on to at least three other recipients. But it's fun to have you own blog recognized, and also fun to suggest some of your favourites.
Now, because this is an award post I will share some of my favourite other blogs worth reading (they are, in this case, restricted to females. Because this is one very pink award.)
No Day but Today
My Quarter-life Crisis
Apartment 513 (who has a large # of followers already, but a very pretty blog)