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This is a sort of freeform association of 30 character strings and tags. I have to say, it's not that dumb, but I don't know about a business model. From the article: "Today sees the launch of PhrazIt, a site looking to cut through the noise by offering users a tag cloud related to various topics on the web. Rather than employing a traditional star or numeric system to rate a topic, PhrazIt uses brief words or phrases no more than 30 characters long.
Once a user has chosen a topic on the site, they’re presented with around 25 tags that have been entered by other visitors. You can either add your own description, or you can click on one of the existing tags (the most popular tags will grow in size, allowing users to summarize a topic quickly)."
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