I've seen "digg" stuff before but I don't know much about them. At the risk of sounding like an idiot, I think it's a system where anyone can post news - people then 'digg' it, which means it moves into a more prominent place, or bury it, which means it gets shifted further out the way. The idea being that anyone can post news, but it's self regulated in such a way that if people post crap or spam it quickly gets buried. And this is a Wiicentric version of that.
OK, I could have looked on google or wikipedia but it was more fun having a guess. Am I in the right kind of area?