I just came across this site thanks to myspace and I was curious about what you guys and gals think about it. It sounds like a neat idea.
Basically, readers read 50 pages of a submitted novel to the site. Then the readers vote on their favorites. The manuscripts that get the most votes are then published by slushpile and marketed as well.
A number of questions come up. It sounds good, but it is a new organization. Which makes me wonder how much marketing power they have? It seems like a legitimate site and it's not quite ready yet. But, once its finished, I think it would be interesting to see what happens. I don't think there is much risk in submitting, they claim you keep you copyright to your work(they won't register it) and will want exclusive printing rights I assume. There will probably be some kind of contract once your manuscript is chosen, if it is.
Anyway, here is a link: http://www.slushpilereader.com/default.asp
Take a look and tell me what you think. I've actually just finished my second manuscript and am editing it while we speak. I'm not sure I'm going to participate in this, but I just may since it does sound interesting.