"I used to be with it, but then they changed what it was. Now what I'm with isn't it, and what's it seems weird and scary to me, and it'll happen to you, too." Grandpa Simpson
Basically the way it works is that a Digg is like a vote for a story, video, image or link. The submissions that get the most Diggs in 24 hours go to the front page of Digg, where they get hundreds of thousands of views.
Essentially it's a user submitted news site, where the community votes on what is interesting.
If our Digg reaches the front page, it will be seen by an average of 200,000 people. Depending upon how many more Diggs it gets on the front page, it could be seen by millions.
If you go here you can see the traffic for the site, it's currently ranked #99 in the world: