In my spare time (whatever I've got left lately), I played around with my blog and ended up creating a most visited option.
In the left margin you should see a new sidebar item appropriately called "Most visited" which lists the top twenty blog entries which have been viewed/read (starting say about a week ago). If you prefer to see the complete list, then just click the show all button.
Later on, if I have more time left on my hands, I will try to write a short tutorial on how I managed this amazing feat of programming lore.
Ideally, my goal would be to enter it in the Plug In to Movable Type 3.0 Developer's Contest. But I only have a couple more weeks.