Among other things, it's not finished.
When it is, it'll provide information about the St. Blog's Parish Aggregator and St.Blog's Parish in general. Though we haven't announced the SBPA in any official way, it's been up and running for a couple months now. Catholic bloggers are encouraged to join this nascent group and link to this page.
Here are two analogies to decribe syndication (RSS or ATOM) feeds.
news wire - Think of your blog's feed as a news wire feed like AP or Reuters. An aggregator of news feeds might be a newspaper or a TV news program. People read the papers and watch the programs that report of matters that interest them. People looking for Catholic posts can subscribe to the St. Blog's Parish aggregator feed.
TV channel - Think of your blog's feed as a cable channel. An aggregator of channels might be a cable or satellite package. People subscribe to the package that suits their needs and wants. Imagine an entire cable package filled with channels working from the EWTN model and you have an idea of what St. Blog's Parish is like.
St. Blog's Parish Webring "is home to a varied congregation of Catholic webloggers located around the world. The webring serves to link together the many weblogs maintained by Catholics."
St. Blog's Parish drinking game
The late Gerard Serafin's list of 'Some Catholic Blogs'
"[I]f you have a weblog already running, and it's listed on the register of St. Blog's Parish, consider yourself probably eligible" for participation in StBlogs.org

St. Blog's Parish Wiki wiki, of course.
Membership is mostly open. There aren't theological restrictions per se, but we ask that members recognize and respect the Magesterium of the Church and be obedient to the Pope and authorities under him. After all, without those, you aren't really Catholic are you? Beyond that, there aren't any restrictions. We're not theology police and you need not be a Neo Cath. Feel free to disagree with Church teachings so long as you do so respectfully. This list should family-friendly. If you encounter a member blog of SBPA that is frequently vulgar, pornographic, violent, or hateful, let us know
If you'd like to join, fill out the membership form here
This aggregator is too new to have gotten any press, but St. Blog's in general has received some attention.
St. Blog's Parish The Revealer, March 16 2004
Invastion of the Catholic bloggers Ignatius Insight, May 09 2005
What Blogs Do Catholic Bloggers Read Ignatius Insight", May 18 2005
Why Blog? Catholic Bloggers Post Their Reasons Ignatius Insight, May 25 2005
The Problem With Blogs Ignatius Insight, June 09 2005
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