I am working on a new site Log for Blog where you can review each other's blog. Say whatever comes to your mind. Digest some criticism and get a backlink in the process. Be Careful about rules & regulations.
If only I review others, the idea of the site will not be fulfilled The site is brand new & I think I will wait a bit
You need to publicize your blog and get good traffic and page rank before starting this.. Also you are bound to get penalised by google if you review *any* website with backlinks