Well this is something new and fresh in Internet news. Newsvine.com is the brainchild of several former ESPN/Disney web people including Mike of MikeIndustries.com, one of my favorite technology reads.
A couple of things make this somewhat unique:
1. it works off of a bookmarklet on your browser
2. readers rate stories to act as a super editors board
3. you will be able to comment on and chat about news stories as they go
4. you can author pages if you want and then keep any advertising revenue generated from those pages
5. it will generate pages about subjects on the fly …
It sounds intriguing. Will it work? Probably. But what will it become? Garbage in equal garbage out is the oldest saying in the book. Will they over time give higher preference to raters and authors of established credibility? If so, the quality will rise. If not, I predict the noise to content ratio will go off the charts. Time will tell.