It's simple, oh so simple. You submit a synopsis and two chapters of your magnum opus to this refreshingly straightforward website. You are then given other writers' work to critique. When you have completed the task, your work gets critiqued. If you wish to read the critiques you pay £10. Regardless of whether you pay your money or not, your work is ranked, based on the critiques it received. All work ranked above a threshold score is automatically passed on to the literary agency AM Heath and innovative publisher the Friday Project. If it misses the threshold it is archived on the site where others can read it. You can resubmit, having taking on board the critics' comments, if you wish. Neat.
The only possible drawback I can see so far is that the payment model means that nobody else can read the critiques. This is a shame: for the casual browser it might potentially be one of the interesting parts of the endeavour, and those thinking of submitting might like to see the quality of the critiques before going ahead. But that shouldn't detract from what really is a fantastically simple and simply fantastic idea.