Except that bookmarks are searchable, and in most browsers that search is a) available by hotkey, and b) offered as suggestions in the autosuggest of the address bar, so bookmarks tend to be useful to me at least.

Firefox will search for bookmarks from the address bar in exactly the way you describe.

Fun fact: Firefox adds your whole window (url/search bar and pinned bookmarks) to your tab-stop queue. So you can just press tab to select the pinned bookmarks and use arrow keys to navigate the bookmarks.

That is, unless, the site you're on is Technically Fucking Braindead and decides to intercept keystrokes. Fuck those sites though. There's an about:config to disable that behavior but a some certain sites stop working entirely without it. Google Documents... I'm looking at you...

The omnibar (do they still call it that?) searches your bookmarks and it's more reliable than hoping it doesn't age out of your history.