"Found is the new search"

Cool (and not so cool) things about mag.nolia:

• Great domain name.
• Superb tag line (the title of this post).
  
• Saved Copies of Web Pages - I've bookmarked many pages that now return 404's. This feature alone might be worth a business model.
  
• Private bookmarks - Though why would a community oriented service encourage private stuff?
• Bookmark rating system - We all love our lists, right?
• Terrific design and they're rightfully proud of it.
• Network with some well-known names - Ted Allen is there, Zeldman is there too.
  

They certainly did their homework and thought things through. However, as attractive as their service seems to be, I find no compelling reasons to move away from del.icio.us (and even less motivation to use two bookmarking services).
Really hope there is room for two in their segment.

[Update]: There is a great writeup here on their design/development process.