I've had the title "The Annotated CPAN" swimming around in my head for a while now. Something that pretty much does what you're talking about. Between USENET, Perl Monks, and other Web Sites out there one could come up with a pretty hard core resource. (FYI, I am a fanatic when it comes to cataloging things. My all time hero is Ludwig Von Köchel, the guy who fanatically cataloged the works of Mozart.)
Here's a couple of things that I would add to what you have said:
- Book References
- Cached Usenet posts, edited
- Link to the latest version of each module, as opposed to the raw search results that one gets now.
I should say that I'm pretty pleased with the new version of search.cpan.org but there's no reason why the community can't do more...
++ for bringing this up!