It looks like LifeHacker hasn't told enough of the story to really cover this one...there's a better write-up on
Wired.
Leatherbound.me was made last weekend - from start to finish in 48 hours. It's not complete and still has some bugs. It's part of the Rails Rumble competition to produce the most useful/coolest/whatever website in 48 hours.
The team has quite a few bug fixes prepared already, but can't push them until the judging completes on the 23rd.
These folks are friends and colleagues of mine from Western Washington University.
I like the idea. If they can fix the issues of properly identifying books (by UPC and not title), this will be a neat product.