I too got spammed by it and registered in the end. However, I believe they are in the process of building up their database and it will take them quite some time before advertisers start advertising there. I do not know how feasible their business model is but it surely is an innovative way to reach the consumer. Moreover, you can also decide the number of messages you want to receive per day and the time window when you want to receive them. These IITians surely have something up their sleeves
Here is my referral link if anyone wants to join in .. and as ani_meher said, this is much much better than receiving those 1232 messages.
http://www.mginger.com/index.jsp?inviteId=213147
