I find that I use my "favorites" on my browser a lot, then change computers and don't have the links I stored.
Google and Bing are very good at what they do, but there are certain articles/how-tos and such that I find very useful to keep around without having to remember the exact query I used to pull them up on Google. Also, search results change over time, so that blog article I loved might not score on the search engines like it did last year.
Bookmarking sites also offer some of the functionality a site like HN does, with popular/recent links coming in over time.
That's what I think is important, anyway.