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Ning can basically be used as a group bookmarking service now, so other than putting the code on my own server (which I think you can actually do with Ning if you export your site), I'm just not sure where the benefit of having my own personal instance of Ma.gnolia comes in.
On the surface it seems like an exciting thing but when I try to figure out how I'd apply it I keep asking myself why I'd want to isolate myself from the hub where everyone else is.
Bookmarking is a lot different from publishing. The value is in being able to share and compare with others, basically to build a human powered relevancy engine. The smaller you make the group collecting the bookmarks the less apparent it is what's worth paying attention to because the pool of "votes" is so small.
It's also not really a matter of being able to "backup" my link data... I can do that easily through Del.icio.us export features, and I also have my links auto posted to my blog daily so they're all there anyway. The only worthwhile use I've come up with is being able to set up something in-house for my company. That's nice, but may or may not be worth the effort.