Here's what it does: You install an app on the phone and an extension in your desktop browser. Then you set up a folder in your Chrome bookmarks and go through a short setup process on the phone. From that point forward, your bookmarks on your phone can be managed via the desktop browser. Just drop a new bookmark in the folder and click "sync", and your phone's bookmarks are automagically updated.
Why do this? Well, in spite of how far mobile browsing has come, browsing on a proper desktop is still better, and likely will be for the forseeable future. Managing bookmarks on a mobile device is a clunky process due to screen size limitations, and this methodology lets you keep your phone's bookmarks all nice and tidy from the comfort of your full-sized keyboard. Oh, and the feature set that allows this to happen is mysteriously absent from the iOS platform.
PhoneMarks:
Android Market download:
Chrome Extension download:
https://chrome.google.com/extensions/detail/mnmkdhaffkikpiaondgpjldfmgmjciom