Isn't this is what Silicon Valley and Web 2.0 all about? (Although it is not part of Web 2.0) Amazon is more or less like this. Yahoo perhaps might be like this too. Your first product might be like this too.
i've heard that the code at most major websites is held together by bubble gum and shoelaces. looks about right.
Man what's all the fuss about FB's source code? although I did learn a thing or two by reading it hehe :-)
There is a minor gem here; some function called 'tpl_set' which appears to inject values directly into templates that will be called later.
Disgusting... looks completely procedural. They could really clean up their code with a decent object naming convention and __autoload