Exactly; I would want to know just that. And if it is really true that he spent a lot on promoting and it is a worthless idea, i wud shun my idea, but if it isnt, why shud a couple of millions be lost.
I agree that was a weird though not a stupid idea. And even I wud not prefer to have a longterm plan for a site like this. But if this one can get you even a simple $10,000 ROI, will that not help me fund my next big project.
I dont think its a bad idea to have one such little effort prj once in a while.