Mark Pilgrim's instructions on how to build an Atom-powered linkblog:
Link sidebars ("linkblogs") are increasingly popular among bloggers. They are built into Typepad, newer publishing systems have plug-ins for them, and enterprising young bloggers everywhere have devised their own solutions. Here's how I do mine in Atom. Dive into Mark: How to make a linkblog in Atom
I'm using my blog as my linkblog, with longer posts going to the front page. It's not ideal, but it frees up the links section for stuff that I want to remember, but it doesn't really matter if other people look at in a timely fashion.