Distributed Favorites

Lately, I've been pondering the idea of writing a global favorites system. Lately, I've been coming across so many resources in my day to day reading. Since I'm also a trainer some of the time, I really would love to share these with my students. I would also love to have people submit links. I think I would need two interfaces to this at a minimum.

1) IE Favorites (Anyone could have read access, but only I have write access) probably via a plugin.
2) Web Interface (for my personal site) with the capability of allowing people to submit links for approval)

I also would need the ability to keep everything in sync between IE and the Favorites database. Before I write this, I just want to make sure I'm not re-inventing the wheel. I've done very little searching so far, but haven't found anything that completely meets my needs yet.

I think the back end really should be an XML Web Service. At this point, these are just thoughts for further investigation though... Have you already seen such a system? Leave me a comment!