On Blogrolls
Russel has a good insight on blogrolls
Probably the best way of acknowledging your friends via blogging (if you choose to do so) would be to make an occasional links post which contains short positive recommendations to the best posts your friends wrote. If every month or two someone writes a links post (post which has little content, merely recommendations for other posts) which references your posts then you know that they like you (and you get a Technorati.com boost), so a blogroll entry hardly seems necessary. An additional benefit for giving such direct credit is that the person receiving the links will know what you consider to be their best work which will help them in their future writing.