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The group is aiming for a full launch in the "fall of 2008". It may work.
Although, what of Japan?
As you may know, I created Japan Today (an online news site) back in 2000 based on the very clear need for quality journalism on the real Japan, out of Japan. The site has since significantly deteriorated (its goals have long since been lost in the mire of grubby self-servicing so prevalent in the foreign community in Japan [but you will have to read my book for more on that, including the full 'reportage']) and nothing has appeared to fill that gap.
Worldwide sites that look for the best reporting will have trouble filling that gap too. For if the articles aren't being written, or are not being published (or are being mangled in the publishing process) what will there be to rate?