Yes, but to a very limited degree. In order to be effective, it has to be a web of people who personally know the people they're vouching for, and I'd be less inclined to take the word of people too many hops out from me. I may trust my direct friends judgements, but I'll have lesser trust in the judgement of friends-of-friends, and so on.

But in any case, what it means is that I'll have a small "personal web" of sites, and that would be the entire webosphere to me. It's a bunker kind of situation, and pretty much the opposite of what the web really should be.