I received an invite to it, and accepted it.
From what I can deduce so far, it's only about a month old, and there's only 4 newspapers pulling info from it so far. They say it's still in beta. Supposed to be adding more though.
Aside from that, I've had hits from other people in that network that have looked at my blog, and ranked it 4 stars, so, despite not being in 1 of the 4 papers yet, it's still bringing in a bit of extra readers.
The big draw is that they link back to your blog on the paper, (if the paper picks it up for filler) and drives traffic to your site. Combine that with google ads, etc. hopefully bringing some profit, and a bigger readership.
I don't know that it will do that much good, but from everything I can find, it doesn't seem like it would hurt.
Here's some news articles from their burstblog.
http://www.publish.com/article2/0,1895,1933243,00.asp
http://www.redherring.com/Article.aspx?a=15787&hed=Old+Media+Loves+New+Media
http://blog.eweek.com/blogs/intermedia/archive/2006/02/22/6188.aspx