That's the kicker, it's looking for a new line separation just as it doesn in WP.
However, since you can't set the value under "writing" like you can in WP, and there's only a text field in the Site Admin editing area for an individual blog, you essentially get 1 entry.
My "best guess" at the moment, as I've looked into this myself recently, is that it's set up this way to conserve bandwidth and server resources. A single ping to pingomatic is much easier to bear than 20 pings to individual services. Which makes perfect sense in the big picture of what MU is for.
It would be nice to at least be able to add additional services though, for special occasions where the need arises, on a blog by blog basis.