I hope that the submissions will be community moderated soon. Downvoting them "enough" will remove them now. The Bollywood/template/static sites are leftovers from before I added the reputation system.
I would certainly pay for feedback on my sites. I have in fact done so with feedbackarmy in the past but was not impressed by the mechanical turks' responses so I made launchly to get real feedback from real people (like we get on HN). I've also used usertesting.com in the past and they were great but aren't really the same thing (although that's one of the upsells I'm planning to add to launchly eventually).
I would pay too for the right feedback and I would have loved to have feedback at earlier stages of a Project as well:) Are we a market large enough? Other concerns: don't turn launchly.com into a consulting service by crowd voting, it has a larger potential. I am sure if it can attract the right people and traffic the money part can follow (think also advertizing from specialists SEO, usability experts, Coders, VC Funds etc).
Maybe a smaller tagline on the homepage not in a banner? The other thing is that banner is carried throughout the site design (and used as extra navigation in other areas) so it would be a bit inconsistent without it.
People will come to you for two things:
(a) Links, yes unfortunatley
(b) Real reviews
You need to mod submissions. You either narrow it to 'applications' or anything websites go. Based on the former I would not list any web sites selling Bollywood or templates.
Go for freemium, free rating and comments, but have some people who are professional to give a professional assessment and charge for tis perhaps on a 50/50 basis.
Building a community is hard work, but most of the times you need ten or twenty very active members to provide the catalyst for growth.
Ask the same question at http://www.cre8asiteforums.com/ also. Here we are all HN groupthinkers you may get some different angles (usability, SEO, community) from some really nice people.
Final question to you, would you pay for a review of launchly.com? If yes what would you consider value for money, if not why not!