I'm using a similar service - https://pinboard.in to both managing my own bookmarks and to browse other users' public bookmarks of interest by tag or using built-in search functionality. Quite useful imo.

I do remember so-called "Web Rings" and still think they were a nice idea (among others, passed away), and it seems to me, del.icio.us and then pinboard.in are one of a few options we still have to make smaller sites remain "visible"