Building something like this becomes much easier with Xanadu-style bidirectional links. Of course, building those is hard, but eliminating the gatekeeper-censors may finally be the incentive required to get bidi links built.
It's also worth noting that such a system will have to have some metrics for trust by multiple communities (e.g. Joe may think say, mercola.com is a good and reliable source of health info, while Jane thinks he's stuck in the past - People should be able to choose whether they value Joe's or Jane's opinion more, affecting the weights they'll see). In addition (and this is hard, too), those metrics should not be substantially game-able by those seeking to either promote or demote sites for their own ends. This requires a very distributed trust network.