Seems to me that many good things have come from founders not knowing that something had been done before; also, in general, being the first to market with an idea doesn't seem to have a particularly big impact if someone comes along with a vastly better version, second. The concept seems flawed.
This is just good for a sensory overload of 2.0-trendy logos.
Any new web service worth a damn should have "Web 2.0" qualities -- intuitive, user-centric, worthwhile data or tools. Maybe this directory will list every website from this point forward...
I like the site. I don't know if its a good place to think up ideas, or to even check if "somebody else is doing it" which doesn't really matter. It is a nice resource to quickly see stuff thats out there. Try to find some good in everything :)