This is the second such site I've come across (there may be more - I don't know). I'm not sure what to make of this. Is it a growing trend, is it good, bad or worse?
I read the FAQs and it seems the more people who read your story, the more chance you have of rising to what they call 'The Editor's Desk.'
Reminds me of a slush pile quote I saw today:
THE SLUSH PILE: Looking for a needle in a field of haystacks, and having to tell each stalk that it's not the needle you're looking for. (Source unknown.)
Anyway, thought you might be interested. Take a look. http://www.authonomy.com/