It did take me a minute to figure out what separates their site from an RSS reader, but then I remembered the difference: An RSS reader actually shows me what I want to read. This shows me what some underqualified editors think I want to read.
There is a moral here, and if I ever do write something substantial about the OSM saga -- maybe when the company collapses -- it will probably be my theme. Just because you're part of a sea change doesn't mean you understand it. What these New Media mavens built is essentially identical to the white elephants those Old Media companies put together when they were first trying to figure out the Internet. Like Hugh Hewitt's horrible book Blog, which frequently mistakes the author's corner of the blogosphere for the entire thing, they've confused a process with its participants. It's blogging, not bloggers, that's revolutionary. And there's nothing remotely radical about the business these particular bloggers have thrown together.