Once you allow MyBlogLog to access your Flickr account (by clicking the Authorize button), MyBlogLog will fetch your most recent Flickr pictures and display them in your MyBlogLog account [am not sure how MyBlogLog will handle your private Flickr pictures]
If you don't have a flickr account or don't want to interlink the two services, you can still upload pictures directly to MyBlogLog as illustrated by Frank Gruber.
What can be expected next ? Probably MyBlogLog will let to import your del.icio.us bookmarks inside MyBlogLog. After all, del.icio.us is also a Yahoo! company.
Related: MyBlogLog Tricks | Join the DI Community