Jeremy Dean at PsyBlog:
What the attentional blink demonstrates is the illusory component of our everyday experience of consciousness. We experience the world as one long continuous stream of thoughts, feelings and events, each neatly seguing into the next. But the existence of the attentional blink points to a somewhat different story.
Our brains are actually paying attention to one event or thing which swallows up our attention, blocking out other inputs for short periods, then it releases and fixates on something else. In this sense consciousness is less of a smooth stream and more of a bumpy ride.