Louis has a unique perspective given his background with FriendFeed and other real-time tools.  I placed my commentary at the end.

Real-time Search and Discovery-
Google presents on perfect answer to every question.  Unfortunately, we need more information than just the basic link.  Sites like Twitter provide what people think and say.  In a constant moving flow, real-time.  Google stays static for periods of time until their algorithms update the rankings.  OneRiot is a real-time search for the real-time web as a new example.
Louis mentions FriendFeed, which does provide the real-time search.  However, it only shows what people have uploaded into FriendFeed, not the entire web of real-time.

Aggregation sites and updating intervals-
PSHB (pubssubhubbub) is the new middleman between your content and the sites.  it powers FriendFeed, Google Reader Shares, FeedBurner and more. It becomes the hub, based on an open source protocol extending RSS & Atom, to allow polling of one central site instead of each service polling the same URL over and over.
Reader2Twitter allows you to connect your Google Reader shares with Twitter.
Pingie has instant RSS to mobile notifications

Eliminating the refresh-
Many of us don't like having to hit refresh to see the updated data,  My thought is as long as the site has a pause feature that allows you to stop the real-time flow to be able to concentrate and read the information as presented.  Once you have too many friends, you are stuck with filtering the information once again to find the relevance.
Google Wave was given as an example with a subject and constantly updating threads/emails. Louis gave Wave a 7 and a 5 on implementation.  I am still stuck at a 3.
LazyFeed brings together the massive amounts of feeds by topic.  Grab the feed and stick it in Google Reader and off you go.  Aren't we back to filtering here and finding the relevant informaton.  This defeats the massive amount of real-time flow in mass.  Focused real-time adds value in my opinion.

From there we went to demos of these and more sites and Q&A.

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Louis and I agree in many areas on real-time management  But, it was nice to see his full perspective.  I try to trim the number of feeds I follow and use good filtering services to narrow the list.  What this means is that I follow some feeds that do not always post what I want to read about at that moment in time.  So going through hundreds, or even thousands, can be a drain.  Instead of adding more feeds all the time, getting into filters and real-time search tools becomes the choice for me.  I need to find specific information sometimes, and detailed information constantly.

I engage a few filtering services to narrow the reading list and then leave the larger one to Google Reader, organized well by groups and tags.  This allows me to move quickly through massive amounts of information and feeds with the most value.