The way the site works is this: you can write your own recipes or upload links to favorites online (such as cookies from a particular blogger you like). The site keeps everything organized for you and makes your recipes and links available to other members of the community. So, when you log in, you can easily access your favorites in your private recipe folder, as well as take a look at what other people are looking at.
Do other sites do similar things? Sure! GroupRecipes and BakeSpace are similar, but after using the site for a little while, it’s pretty clear that which one you prefer (if you like to use sites like these) will be based on what kind of community you’re going for. BakeSpace, for instance, has very active forums. GroupRecipes has more of a social networking feel, where you can “meet” other cooks. KitchenBug seems to be more private, allowing you to do your own thing most of the time, but still giving you the option of seeing what other people are making and what online sources they like to use.
The site is currently in a beta version (cutely called an “appetizer release”) so invites are limited for the moment, but once all the kinks have been ironed out, the site will be opened to anyone interested in using it.