Is there a voting mechanism/do you plan to add one?
What about a recommendation engine?
Finally, have good fraud protection and you may even want to consider limiting the amount of submissions made by a user in a given time period or this will quickly become a place to spam affiliate links and the same product links over and over.
not sure we need to limit submissions - you only follow who you want to hear from, if someone drives you mad - you can unfollow like twitter.
thanks so much for the feedback
One thing I would be interested in though is an aggregating tool that would let me see if more than one of the people I am following have submitted the same item. I might be more inclined to look at/buy something if 40 of my friends have submitted it rather than 1.
Well I figure you will want to demonstrate the service or fill the home page with some kind of content to non-logged in users. If it is nothing but the same product link over and over or affiliate links, there is no way I am going to join it because I figure it is just a spam service.