In v1 every user had in his blog the links of all the blogs he was subscribed to.

It was very comfortable - since I could easily navigate to my friends' blogs + people who visited my blog could navigate to the blogs that are of interest to me (the feature is like BlogRoll in dasBlog, I believe CS should have similar built-in feature)

Email updates in v2 are fine, they are very handy. Still I guess we need the good old subscription list as well.

I wasn't part of theSpoke v1, so I didn't see it.

But yes, such a control would make sense.  So you are saying this was a public control?

In earlier versions of CS, we had a Subscriptions page in your profile.  This allowed you to see what posts (in the forums) you were subscribed to.  I suspect since the introduction of Weblogs, Galleries and other applications (such as File Manager, Guestbook, and RSS Reader in CS) that this was disabled in the current builds until it can be updated.

But it was Private (for your eyes only).  This is because the list could be extensive (mine was, subscribed to 100s of posts on communityserver.org).

I'll see what I can suggest though.

I just want to have a list of my favorite blogs in my own blog - like Friends in LiveJournal or BlogRoll in dasBlog.

One of my usage patterns was that I could navigate theSpoke via this list of blogs -first go to blogs I read, then go to blogs those people read, etc, etc. I guess, it helped users to be more discoverable. And now people sometimes complain they can hardly find each other in this new version. So the list of blogs was also a kind of  a handy navigation mechanism.

I don't think there is a need to have forum subscriptions in my blog.

Another very useful feature of the 'favorite blog list' in v1 was that the blog with the latest posts was always on top of the list. So I knew immediately from it whether my friends have something new (OK, email updates work just fine here, I'd say even better)

I also have the same concern, having the "blogs I read" feature like in v1 would be easier for us to get updated with our friends' blogs without checking your email. And as Zadig said it would be nice to see other blogs that our friends read, as it is one of the ways we could add in expanding the community interactions within thespoke.net

I've added this to the features request list.  :)