I have a beta Wink account, its early days, but the first thing that didnt happen for me is that all my del.icio.us tags did not get syncd. Seemed like only the lat 30 tagged links came over, with their associated tags.
That aside, it looks like it has legs
What is Wink? In their words with spelling errors ;-)
Wink is a search engine. It provides great Google results, but it also gives you the freshest information on the web by serving up the most relevant taggged links for your search. We crawl and index tags from all over the web, and serve them up with web results, for a combination of freshness and accuracy. We also include other user-contributed content, such as answers from Wikipedia or the Wink Wiki, which is added by people like you.
Wink also allows you to "tag" your results. A tag is similar to a bookmark, but it allows you also annotate that bookmark with words that you associate with that site. For instance, if you tagged www.kodak.com, you could notate it with the terms "camera", "photography" and "film". Your tags are stored in your "My Page", so if you want to then go look at all the sites you use for photography, www.kodak.com and any others that you have tagged will be there.