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Froogle, Base, Co-op, and others all seem to depend on other people doing most of the work, and then Google ultimately owns the data.
Ted - you just don't get it - google search is "open source"; none of the content you see when you run a search was produced by google, yet it's one of the world's most profitable businesses - you need to reverse your view of user-generated-products and become weary of any business online that doesn't have an open source component - community IS the internet value proposition.
Huge amounts of traffic to your website?
I didn't understand what the "subscription" aspect was for subscribed links until I got all the way through creating a test subscribed link and realized that I was the only one who could see it (since no one had subscribed to me besides me!). I guess that answered my question of how subscribed links were different from free AdSense!
The topics could be pretty powerful if you're willing to invest the time and effort in creating those annotation XML files by hand. I can envision porting the data from any bookmarking service that lets you use tags into the annotations and contexts. Tags could translate into the contexts and your bookmark comments as the annotations. Someone (mabye me?) will whip up a tool to handle this soon.
I won't be suprised at all if when Google Notebook comes out next week it will hook into Co-op for you. As you collect links you'll proably have an option to put your new annotation in as well. We'll have to wait and see but that's my guess as to why there's a lack of tools with the Co-op offering...
The real issue I think is how do you find people to subscribe to? I couldn't find a list if there is one. But even if there is, finding subscription providers needs to be more automated. If I'm searching for something I don't want to go search for potential subscription providers first, subscribe to them, and then go perform my search... It seems as if you're searching on the terms a subscription provider placed in their subscribed links you should see an indicator giving you the option to subscribe to them if you're not already... Otherwise how will the relevant information ever reach the people who are looking for it?