Eigenfactor is a web based tool that ranks research journals. There are a number of journal rankings available, including; Thomson-Reuters' impact factor, the Australian Research Council (ARC) journal ranking list and various other discipline specific ranking lists. Each of these lists attempts to rank journals based on their quality within a field of research - and each list has its own ranking criteria.
Eigenfactor uses citation metrics to rank journals and gives weightings to citations from specific journals based on their quality. It works in much the same way that Google's pagerank algorithm works. Eigenfactor also includes a indicator of the value for money a journal delivers; this is a feature that is quite unique to the Eigenfactor.
To see a short article I wrote on the Eigenfactor for Collection Management click here.
To visit the Eigenfactor website and try it for yourself, click here.
Information on the ARC's journal ranking lists can be found at the ARC's ERA website.