At surface value, sure - although if you want a table at one of these places, it's fairly useful.

The backstory is that we used this mini-project to see how we work together as a team. We're working longer-term on NivNav.com, but wanted a short, isolated project where we could feel out our collaboration style. HackerTable.com was born.

I'd recommend this approach to any early-stage startups that are looking for co-founders. Obviously don't distract yourself with side-projects if the timing isn't right, but seek out short, isolated projects where you can get a sense of how you'll work together.