Time Magazine has relaunched Time.com with a cleaner look, increased size of ad units but a smaller number of them, as well as a strengthened commitment to its blogs, news aggregation services and other social media tactics often called "Web 2.0."

According to Advertising Age (registration required), "advertisers appearing on the site today include Microsoft, Bose, Chrysler, Research In Motion (BlackBerry) and Hitachi."

While other media properties like Google have algorithm-driven news aggregators, and social media tag-sites like Digg, Slashdot, Netscape have embraced user-driven aggregation of news stories, Time.com has put its editors in charge of "The Ag," a news filter that covers breaking stories from media properties around the world by 7:00am EST, including stories from non-Time Inc. properties.

"When people get to their desks at 7 a.m., we want them to stop and check us out," Time.com editor Josh Tyrangiel told MediaPost (registration required).

The relaunch comes during a season of change for Time Magazine and Time.com. According to a column by David Carr in today's New York Times (registration required), significant layoffs in the Time Inc. magazine division are expected by the end of the month; that magazine rate base has been cut 20 percent in the last six months, and the magazine recently shifted its publication date from Monday to the preceding Friday.

As MarketingVOX notes, the social media changes in the website are consistent with the Magazine's recent decision to name its readers, "You," as its person of the year.