It's only 5pm in New Orleans right now, but there have been enough drunken singers to make it worth keeping open in a background window for the past hour or so. It's fun to IM with friends occasionally that are also listening ("dude, check out the wifebeater singing dead or alive!"). The site would be great if they offered live chat with others watching it, and maybe a "rate this singer" hot-or-not system integrated.
It's a million times worse than American Idol, but lots of fun to watch. And remember: when you can't sing the right notes, just sing them as loud as possible.