[In what way is this worse than offering an unpaid summer internship, which seem to proliferate everywhere (especially in an economy like this)?]

There are a number of white label job board solutions out there. I think ours delivers a far superior user experience, but that's open for debate. I can say for sure that there's more to building successful sites than sticking an implementation of someone else's software on a page somewhere.

We think we're working on some pretty fun stuff, and would love to have some smart help for the summer. Because we don't have the cash on hand to pay interns $20-$30/hour, we're trying a deferred compensation arrangement - which we want to pay more, in the end.

I do have some extra sham wows I could sell you, though.