Earlier this week Feedster released a list of their Top 500 blogs. CEO Scott Rafer announced the list on his blog, smartly calling it a first iteration. Feedster is planning to update the list monthly, so it will be interesting to see how their rankings change once the list has existed for a few months. There is, of course, debate going on in the blogosphere about the list, and Feedster has already made a note about why a couple of high profile were missing from the list blogs. The list is in response to Jason Calacanis' challenge to create a better list than the Technorati 100. Calacanis offered $50,000 in advertising on Weblogs Inc. Network (WIN) sites or $10,000 cash to the first company to create such a list, ranked by in-bound links and based on data collected in the trailing 12 months. Keep an eye out for others to still respond to this challenge, Calacanis has suggested a September 1st deadline.