This type of application just seems like a mash up of an RSS and social networking. I think it would be interesting to follow the Diggs or Reddits of someone whose opinion I trusted, but leaving it up to the masses still forces me to sift through a bunch of stuff I'm not interested in (like Jon and Kate's marital status or the latest tween star to fall from grace.) There is a place in the world for editors and critics and I like it that way.
That being said, I think this would be an opportunity for someone to become a web-acclaimed critic. If you were following news and information with a mass appeal and could prove some credibility, you could gain a lot of readers and your opinion would start to matter at a broader scale. Who knows, maybe MSNBC or VH1 would pick you up to comment on the best/worst week ever.
One would have to be very selective to establish that credibility. No 3 am drunken comments about Japan's energy policy, but a few well researched, well cited articles (with links) could go a long way.
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