From the perspective of being a social bookmarking site the way it was originally supposed to work, del.icio.us is the best. Very simple to use, great plug-ins, and a wide variety of easy-to-integrate-and-import partner sites makes del.icio.us great for non-SEO surfers.
Strengths
Traffic to del.icio.us is one of the best. From a strictly social bookmarking perspective, the hotlist is a very common daily stop for millions of people. Getting to the front page, the "hotlist" means a burst in traffic beaten only by Digg.
The feeds that come from del.icio.us to other websites are extremely easy to use. Many social sites have an option to receive the feed, so tagging a site on del.icio.us is like tagging a site on several sites in one step. This is the best feature for del.icio.us.
Weaknesses
Very few, other than the one glaring one...
Nofollow
Many SEOs became tearful the day that del.icio.us implemented "nofollow" onto their links. The link itself, if not tagged by others, is pretty much worthless. Luckily, most of the sites that accept del.icio.us feeds do not have nofollow and the attribute does not follow the link when imported.
Conclusions
Next to digg, del.icio.us is the best site for SEO if you take into account the feeds and shared favorites. To many, it is actually better for this very reason.
Social Bookmarking SEO
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