I disagree that it offers no value at all.

If it did, nobody would pay the $1. Though that's a rubbish answer, and probably accidentally passive-aggressive. So here's a longer one:

People in the tech world love joining clubs that give no real reward. People started joining Facebook because it was cool to be in the Facebook Club, same with Twitter, the iPhone, new communities etc. I'm over-simplifying it, but that's because The Club I built is exactly that; a crude over-simplification of an already existing and replicated system.

The value comes from the psychology. Paying to be in something early and fun, even though there is no intrinsic reason, is nice. It's similar to how trophies and rewards work on other sites and in games. There's no reason why you want it, but it feels nice.

But I agree that it's also certainly not an impressive feat of technology, that's for sure :)

I love the new idea, start with the bottom line, then work your way up to something people want... certainly better than starting with something free that people want then having them lay you out cold when you ask for some income from your work...