The Foresight Institute Web Enhancement Project seems to be the currently most serious such undertaking, although Hacklinks by John Walker seems to be closer to realization. See also
Backlinks for an introduction to the problem.
Rating and Review systems
Another problem with the WWW is that its often hard to judge the value and
content of the resources; are my pages about psychology accurate, or are
they pure wishful thinking? It is often hard to tell if one is unfamiliar
with the subject. backlinks would alleviate this problem somewhat, but
a system for reviewing pages and their contents is needed. There exists some
reviewing services (like Point Survey or excite NetDirectory), but they are limited and not experts in the necessary areas.
One proposal for an user-driven system is A Message Rating System Proposal by Alexander Chislenko.