Looks promising. Not sure what I think of the concept of a 'Manager' (user who was the original submitter) being the only one to approve changes, seems a bit odd considering the rest of the community aspect.

A similar site, tosdr.org, was launched a couple years back to help filter through website TOS. It lacks a community editable system, and even with various publicity and funding still has a limited set of sites in their index.

Hopefully this new site can gain more traction and continue to develop.