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I heard about it briefly. I can envision it being awesome for a short time, then selling out just as Facebook did. Draw people in with "better" (as Facebook did with disgruntled MySpace users), wait until they're hooked, and slowly implement profit-generating strategies. By the time people are sick of it, the owners will have cashed out and moved on to the next big scam.
That being said, it could be cool to see where it goes!
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