Well, it's interesting. It's a lot like the Online Writing Workshop for Fantasy and Horror when it first started out under Del Rey—writers critiquing and to some extent rating other writers while a publisher looks on hoping there will be something great posted. But this site has a lot more bells and whistles--
* thumbnail images of covers (they have some standard ones if you don't have your own)
* a "bookshelf" feature where you pick five or six favorite books. When you browse books you can see how many folks have named it one of their favorites
* a "watch-list" where you can tag a book to be notified if the author adds to or edits it
* the ability to tag your book almost like a blog entry with as many tags as you like; in addition to genre, which is a controlled list, readers can browse by tag
They don't insist that authors post the whole book, but uploading requires one file per chapter, in Word or RTF, with no headers or footers or even chapter titles. Authors must upload at least 10,000 words, so short stories are out.
On, and Amazon is running its second annual Breakthrough Novel Award; submissions will open in February 2009 so be ready!