Here's their blurb from the home page:
Have you ever wanted a better way to:
* see what your friends are reading?
* keep track of what you've read and what you'd like to read?
* get great book recommendations from people you know?
It's not just a place to list the books you read, but a way of comnparing books with friends, finding new titles, and just general social networking through books. I haven't used it a lot yet, but I like the idea!
A free, worldwide membership community with the goal of "making the whole world a library." Register the books you read and pass them along - you can follow their travels through their BCID numbers. Set your books free, and find new ones for free, too!
Users join a group of 6 and rotate books each month...so you contribute your own book and read 5 others that are sent to you each month. It's pretty cool...and it's free. So far I've read some great books.