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I like the idea, I'm just not sure how you'd differentiate yourself from Fictionwise, Baen, Tor and so on. Possibly by being more open (publish anything) and trying to do a social networking style site like mp3.com where anything can be uploaded and it's the user reviews that count.
An alternative might even be to extend this site in the direction you prefer. If you made the ebook collection different in your preferred way that might be all you need to get started. Perhaps something as simple as adding a payment system that linked to your sites shopping cart software. That way you have an instant audience and the site gains a little more revenue to cover costs. But that would require some discussion and you'd need to know what you want to do...
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