The site aims to connect neighbours together so they can discuss meetings, local issues, recommend plumbers, find lost cats, borrow ladders and do everything that neighbours used to do before the invention of the internet.
For me the interesting aspects are local SEO and how the site could become a very valuable hub for finding recommendations for services and restaurants – if structured in the right way. For example if I was researching a restaurant in London W3 then it would be far better to get a recommendation from the people who live in W3 than from somebody who lives in Leeds.
Another aspect would be for researching a new property. Rather than chatting to the neighbours when you view a house you could check out what was being said on the local messageboard and get a real insight of the local issues. If all the streets have a spiderable URL then searchers could quickly find information about streets via Google.
Another interesting point is how the founders are going to be marketing the site. To me offline marketing is a much under used weapon and to see a brand new site launching in a local market using traditional media is a good example of what most webmasters forget.
Hopefully we will be able to get an interview with the guys once they publish an email address.