Is linking to a page an endorsement of its content?

That's what the Supreme Court in Canada is trying to decide

The Supreme Court in Ottawa on Tuesday reserved decision on whether simply posting a hyperlink could be considered defamatory and actionable.

further:

Judges have long held you can't "point" readers to a defamation without sharing responsibility.

But what exactly is a hyperlink -- a bridge, a directional arrow, a new publication?

This worries me.  If I post something that essentially aggregates what others have said about an individual, am I now liable for their thoughts?  Will a disclaimer suffice to remove any liability on my part?  With Big Brother watching over everything, I fear that this will serve to chill online speech.