I've implemented Bram's probablistic trust metric: see this Advogato diary entry:
http://www.advogato.org/person/ciphergoth/diary.html?start=5 Update: - just got mail from Bram indicating that this isn't the metric he wanted to propose. More to follow.
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I'm interested because my job used to be developing graph algorithms for network resilience for a telco, so there's a reasonable chance I might be able to add something here whereas much of this stuff is crypto which I don't really do at research level.
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graphviz is exactly as you say a pretty graph viewer.
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[fwiw, for the people reading this I'm not teaching to suck eggs, the algorithm for transforming a graph with unreliable nodes and arcs into one with just unreliable arcs is to turn each node into two nodes linked by a single directed arc. On the node at the source of the arc you put all the incoming arcs to the original node (fan-in), and at the node at the destination of the new arc you put all the outgoing arcs (fan-out). Then node failure is represented by the failure of the connecting arc].
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