The website’s still up, I can still log in, but I haven’t heard anything from it in a very long while. The last entry in their beta blog is from August! Have they flopped? Been acquired?
That would be the only way for them to survive, I think. Getting bought by MySpace, Facebook or some other big social network. Building a big network on your own these days isn’t so easy anymore, and they could have their idea implemented as another feature in an already-existing social site.
Now did the fact that it was such a purpose-focused network help it not grow? There are some pretty large network built around specific interests, like photos, video, even comic books. Why not stuff-sharing?