So the Technorati javascript widget does work. I activated a "Free HTML" content unit within my template, and simply pasted the javascript in to it.
Take a look at the borrom of the right menu and you'll see the Technorati box working fine.
Couple of notes : Use of the Technorati Widget is not compulsory, and when u first add it to your blog, it can take a minute to start working as intended.