It's a new microblogging/lifestreaming service. Competitor to Tumblr, Pownce, FriendFeed, Jaiku, etc. I thought the existing tools were all deficient in certain crucial ways so I made one I'd actually want to use myself.
I'd like to hear more about what you're working on.
Less words on front page might help. I was curious about how you were going to have a different style of conversation, but after looking around for a bit, it seems like, as you said, a tumblelog and friend feed.
As an aside, I liked the parens in the menus, as it gives it a different look.