This sounds oh so very much like Loopt Mix. While it may seem to be working at first, as the app gains popularity the quality of the average match will fall, the attractive/desirable people will leave, and you'll end up with a sketchy hookup app where people pay for sex with iTunes gift cards[1].
I wish them luck, and would love to be wrong, but I'm skeptical.
[1] Yes, this actually happens in the real world. Nothing surprises me anymore.