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B&C’s Alex Weprin caught up with Revision3 CEO Jim Louderback to get his reaction to the announcement that Twentieth Television is launching a TV show based on Yahoo! Buzz, the search engine’s social news site.

Revision3 already produces a similar Web show called Diggnation based around the community story selection site Digg.

“Imitation is the sincerest form of flattery,” Louderback tells Weprin. “I wish them a lot of success. Hopefully, that will expand the audience for us, with people asking, ‘Who else does this and who does it better?’”

Diggnation is co-hosted by Digg co-founder Kevin Rose and Alex Albrecht. Weprin reports that Twentieth Television isn’t commenting yet on the format of Yahoo! Buzz, “though reports have former MTV VJ Ananda Lewis as a possible host.”

Louderback is completely content with his show airing on the Web. “I don’t think you can just take something online and just slap it on television. Television would destroy [Diggnation] in many ways. If we were on a network, there are a lot of f-bombs that would have to be dropped.” And then there’s the beer drinking.

> More: Check out the latest episode of Diggnation as a Mac fanboy meets Bill Gates.