I like this. I can see this catching on. For the "Report a Trend" input feature, you might want to consider having some artwork done to make it a little more friendly looking. To me it looks very much like input your credit card number here, and the rest of the page has a more trendy modern friendly look. You would want it to match the rest of the site, but not blend in too much. Maybe do a focus group and get some feedback on 3 or 4 designs for it.

I like this idea, and I think you are possibly onto something big here. Iterate!

([edit] I can see this thread has been pending without much activity for a couple of hours. You might want to try reposting later in the day when more of the guys are online in here. This seems like a good idea, it deserves some exposure.)