Ok - basic article, interesting point.
Firstly, I'm afraid you're one of many who assumes that the "relation" in "relational database" refers to the ability to link related tables via foreign keys. This is not the case. E.F.Codd's definition of a relation as an abstract mathematical concept corresponds closely to the table in modern databases.
Secondly, there are, IMHO, problems with the whole relational database concept. I've worked on three separate implementations of object stores in RDBMS's, and they're all similar to what you're describing, only more comprehensive. Before I'm burned at the stake for heresay, please check out http://www.lazysoft.com and read about the associative model of data. It comes from a similar angle, with an entity list and an association list, but the ideas are deeply researched and by far and away the best implementation I've seen.
So, read about the associative model and see just how far you can go down this road...