Nope.
All the bookmarks I deleted came back again. But this time I noticed that the new sub-folders that I created and moved some bookmars to, was there too.
SO, it seems I can't delete bookmarks, it just keeps new ones and keeps merging them forever.
Mobile me used to have an option to choose the direction of the syncing/overwriting. I don't see that option anymore. I wonder if this is a bug that Apple missed in moving to iCloud.
Can you think of any way of deleting my bookmarks from iCloud, so I can start fresh? -- but then, I'd be worried that it would delete all of my bookmarks from all my devices. :-/
Manny