I'm sorry, what's so special about this bit of code?

It doesn't seem very interesting unless you weren't aware of JavaScript's functional nature, and it's actually more complicated than it needs to be, unless I'm missing something. Here's how I'd do it:

    function startSlideshow(ms) {
        var index = -1;
        var count = $(".change_link").length - 1;
        return setInterval(function() {
            index = (index + 1) % count;
            $('.slideshow').blinds_change(index);
        }, ms);
    }