The change's been managed by Jason Calacanis, who created the Weblogs Inc. empire (owner of Engadget between others), and joined AOL when he sold his company to the big cheese.
Like Digg, users will vote on stories, and the most voted ones will make to the frontpage.
Techcrunch thinks that the effects on a small website could be even more devastating than a frontpage on Slashdot or Digg itself.
Unlike Digg though, the new site will also have an editor in each section, promoting specific stories.
More infomation and screenshot on Techcrunch.
UPDATE: The service is probably being hammered, because it loads very slowly for me, when it loads. I can't even login because the login page times out.
UPDATE: The service is now live on the main Netscape site: http://www.netscape.com.
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