This headline seems unnecessarily snide... It's like the opposite of linkbait. I know Color is the startup people love to hate, but this pivot is actually kind of interesting, and far more innovative than their initial app.
From the guidelines: "You can make up a new title if you want, but if you put gratuitous editorial spin on it, the editors may rewrite it." Editors?
I disagree, broadcasting video to your friends is not innovative, nor is it more innovative than their initial app. Startups like Bambuser, Ustream and Qik have been doing this for years.
Apparently "request beta invite" means "grant every possible Facebook access to a non-functional application".
Edit: Their site is not down. The site completely breaks if you are using the facebook disconnect (extension on chrome.)