There's a lot of it about.
I can glean an awful lot about behind the scenes maneouvres from a change to a blogroll.
It's a bit like reading tea leaves or divining the future from chicken entrails. I see a name added and think "ah, they're chummy. I wonder if they'll shag". I see a name removed and think "ooh, they've fallen out. I wonder if they shagged?"
My imagination frolics, wild and free, across all possible permutations. I know many blogs are added to lists simply because the author enjoys reading them. Many are removed simply because they have ceased to post. Yet, still, it is far more entertaining to ascribe Dangerous Liaison style motives to such public declarations of favourites.
Tell me, truthfully - other than a blog closing, what would lead you to remove someone from your blogroll?