iCloud equivalent: iCloud syncs Safari bookmarks and reading list exactly like MobileMe.
What's missing: Support for Macs running versions of OS X prior to Lion.
Safari bookmarks sync replacement: Nothing I could find that can sync Safari bookmarks between OS X and iOS devices. You can sync Firefox and Chrome bookmarks between Macs but neither Firefox nor Chrome are available for iOS devices.
If I come across something, I'll update this. If you know of a good solution, please add it to the comments.