Please don't get offended. It is an excellent idea, but I think it needs a bit of work still. The front page especially. You need to place the screenshots higher and be more succinct with your message. What you want me to do first? Provide feedback? Pay to have some unknowns provide feedback for me? Earn karma? Message is not clear.

People will come to you for two things:

(a) Links, yes unfortunatley

(b) Real reviews

You need to mod submissions. You either narrow it to 'applications' or anything websites go. Based on the former I would not list any web sites selling Bollywood or templates.

Go for freemium, free rating and comments, but have some people who are professional to give a professional assessment and charge for tis perhaps on a 50/50 basis.

Building a community is hard work, but most of the times you need ten or twenty very active members to provide the catalyst for growth.

Ask the same question at http://www.cre8asiteforums.com/ also. Here we are all HN groupthinkers you may get some different angles (usability, SEO, community) from some really nice people.

Final question to you, would you pay for a review of launchly.com? If yes what would you consider value for money, if not why not!