Upon actually using it, it's pretty much snip.it but even more difficult to read. I think Snip.it and Pinterest are not very well designed around their primary purpose - content - but posts that can span 900px high of illegible text is pretty bad, especially when you scroll a little bit more and it's just posted again by someone else.
For whatever reason, I just wrote another post about features and ways to distinguish this product from the competition in their other thread (http://news.ycombinator.com/item?id=4049752).
I like snip.it's design and content fairly well, and it works quite simply. The only thing wrong with it right now is a relative lack of breadth of topics represented on the front page due to the proclivities of early adopters. That will improve in time.
In my opinion: you're clipping content + structure, and not just something like images/text. So you get to preserve the original layout, links, etc, which is a huge benefit.
You can also have things private and/or shared with a select group of people, which is what I usually do.
For example, a common use case I've found is that I'll clip something from Gilt/other signup required sites, to show someone a deal they might be interested in, but they don't want to sign up just to look at it. If they like it, they end up signing up.
I'm not quite sure what you mean. Your clips can be private and shared with a few people (or none), or they can be completely public. In the example I gave, I wouldn't really mind if they were public, but I don't see a reason to make them public - it is just to share with a few friends, really.
I might have misunderstood the product. I assumed (though this would be tough), that when you took a snippet of a page, and say the page updated later on - the snippet would reflect the change.
You make it sound like the snippets are static caches of content.
Yes, that's my understanding as well. That's also what I want. I'm taking a snapshot in time of a page, so that I can then go back to that snapshot and look at it.
Sometimes those snapshots are not valuable after a while, so I delete them :)