I agree, Mukoan.
What's the idea behind it? Without having delved deeper than clicking on Learn More it seems like they're offering one a place to write in the form of a window on your screen - rather like starting Scrivener, Writer or your text editor of choice. Does someone go in and read your stuff and make comments like "Don't give up your daytime job" or "Keep it up, it's looking good"? Do you get a contract at the end? Are they even backing it up?
I can't think of anything I'd less like to do than risk putting my stuff in the public sphere before I thought it was ready.
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