After updating to Froyo, the new web browser menu provides no way to access a bookmarked URLs. The "More" menu allows you to create a bookmark, but no way to use it later! Is the "Add Shortcut to Home" option supposed to replace bookmarks? If so, why have the "Add Bookmark" option?
The update did remove the bookmarks option in the browser menu, it has now been placed to the right of the address bar. This allows users to reach the bookmarks from any webpage in just one touch. The icon looks like a badge with a star on it, again to the right of the address bar.
Hope this helps!! And welcome to the community!