Somebody else has reservations about webrings. This in regards to Neocities. I have similar problems with webrings. However, I wouldn’t get too locked on to webrings being the only solution. Maybe they will work in Neocities. Maybe they will make the nostalgia buffs happy. The inportant thing is to experiment and have some fun. I suggest going to Webringo.com, the last fully functioning webring host, start a ring, get your friends to join and have some fun. Webringo has some tools to address some of mariteaux’s worries (dead link code checkers, pure html ring codes) to make managing a ring easier so play around.
I guess my point is, you don’t really know until you try. If webrings can be made to work anywhere it’s at Neocities, they are a very inventive community.