I used InSuggest a few times to find sites similar to ones that I already love but I found that their suggestions became pretty repetitive. I came across Timetotag, which apparently finds similar sites based on tags. Perhaps InSuggest does the same thing, but it's hard to tell how their system works. Timetotag seems to have some things they can still work on - I couldn't figure out how to search based on multiple tags, it seems to rely on user-generated content, the design needs some work. However, they seem to have the right idea.
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