I've got plans in the back of my brain for combining linkblogs, the Atom Publishing Protocol and something like http://www.intertwingly.net/blog/2006/09/03/MeMeme into a decentralized version of reddit/digg/news.yc, but I already have too many projects on the go.
The really nice thing about the idea is that it allows for a lot more experimentation with the best ways of aggregating and sorting through the massive quantities of URLs that are available. Right now only big players like Reddit and Digg and have big enough data sets to really experiment, and they're naturally reluctant to mess with a formula that's working for them.
Restrictions are sometimes good. Compare Facebook to MySpace. With MySpace it's one huge community; everyone can see everyone. With Facebook, you can only join a small set of networks. You cannot even join San Francisco and Silicon Valley at the same time. True, people hate it, but it keeps the system manageable as it scales.
This is a subject I'm interested in and trying to build a startup to address it.
Google News is organized this way, and it seems to work.
I think my point was more that people have "favorite" topics, but it's a loose and free-flowing thing, not a rigid structure. Computers are really good at rigid definitions, while people may be amenable to all kinds of fuzziness. Perhaps my group is better defined as "people who like science, astronomy, politics, and startups" -- but that wouldn't be the topics of the articles! The topics of the articles I like could be anything. And over time, I might add or subtract the stuff I like, even without being consciously aware of it. Heck, I'm not even sure I'm able to give you a precise list of topics I'm interested in, much less self-select against a preconceived ontology.
That's a true challenge due to how we make decisions. We, generally, don't want to feel that we're missing out on something. We want to get ALL the news. Although, in reality, we don't. By reading this site we're missing out on what's being said on many other interesting web sites, and we're okay with that. However, faced with the question: Do you want ALL the news or SOME news, we tend to choose the first.