Yeah, I love the site. I got to say "hi to Jessica and Paul" and Justin mentioned my site, Shuzak.com, to them live! I am watching YC dinner atm (Paul's riding Trevor's invention) :D

This site definitely has potential to generate revenue. They could embed video advertisements or use sponsored food or cellphones, etc. Justin.tv might fail, but its model could be successfully extended to other reality tv shows. I believe that is the direction they plan on taking :)