We should totally do that! Can we snazzify them with some kind of javascript gimmickry please? Maybe some kind of websockets-based visualisation of other users whizzing round the ring?
Oh the nostalgia. My experience with web rings is most of the sites in them are turds. Maybe Google could build a machine learned web ring where you can shuffle through similar sites.
Yes, it's cool, but the only way to get people to visit it are to post it to Twitter, Facebook, Hacker News, Reddit, etc.