When it was announced, I thought it was a spoof . Alan did a great photoshop job of one of their papers under the arm of a newsie. But they were serious; it was going to be a printed-to-order dead tree version of a blog. But it didn't work. Founder Joshua Karp never found his market, noting
"Despite a significant personal investment on my part, and the additional support of six or seven credit cards, we were unable to raise the minimum amount of money required to reach the next stage of our development."
I think Seth Godin probably got it right the first time:
Newspapers took two cents of journalism and wrapped in ninety-eight cents of overhead and distraction.
I'm not worried about how muckrakers will make a living. Tree farmers, on the other hand, need to find a new use for newsprint.
Thanks to PSFK for noticing.