I'm a little sad about it, because in my opinion Kenni deserve the cash. Maybe this site was one of the first victims of the paidlinks spam report. I hope that it wasn't and the page waits for it's new higher PR export.
There are a few things wrong with the site:
1. automatic approval - This is always VERY bad idea, you end up getting LOOOOTS of bad link approved, that is why my version, you need to approve the link manually
2. He was the pioneer of this format so he got over exposed, this alwyas happen to pioneers (find my post about a directory called Bluefind, similar thing happened)
3. Crazy people doing bidding war. This will make Google aware of this and then ban the site.
But I think it was a very good concept but it got over exposed
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