Postlooping... A quick review

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So I was Mylotting the other day as usual, and I came across a discussion in which someone mentioned a newer place to post named Postloop. I was of course curious, so I did my due dilligence and checked it out. I will say at this point that it is a legitimate place to write, and it is also a place to promote your own Blog or Forum. If you are a Blog owner, or a Forum owner, it really is an interesting concept. What happens is you join for free either as a writer or as an owner of a Blog or Forum. If you join as a writer, there is a rather strict application process to determine if they want to pay you to post there or not. You must post 10 well-written posts, according to their guidlines (read instructions carefully) and then they either approve you or not to join forums or blogs and get paid to post there. It took me a day or two to figure it out. If you are just wanting to promote, you can buy points to do that too, but you can earn points for free by being a poster to other sites. It really is a rather different idea. So has anyone else heard of this or anything like it?