Newser[2] tried to do the same thing but gave up and just focused on in-house created summaries.
Regarding the summary process, it's good to see another group manually summarizing posts as opposed to Summly[3] which tries automate the process. For many reasons already stated in another comment[4], I don't think automation will ever work.
Good luck to the guys over at http://toolong-didntread.com and http://newspaper23.com. I hope one of us gets some real traction!
[1] http://skimthat.com [2] http://www.newser.com/ [3] http://summly.com/ [4] http://news.ycombinator.com/item?id=4741855
Edit: Another product that tries to summarize news http://cir.ca/