No, I don't think much of the Web Bot project.
But the idea of looking through existing conversation for patterns and emerging trends isn't invalid. Researchers at Microsoft and an Israeli research firm have created software that attempts to predict outbreaks based on two decades of New York Times articles and other online data.
This kind of data mining has a decent track record. For example, reports of droughts in Angola in 2006 triggered a warning about possible cholera outbreaks in the country because outbreaks following a drought had happened before. A second warning was issued in early 2007 from news reports of large storms in Africa because they had happened before.
In similar tests involving forecasts of disease, violence, and a significant numbers of deaths, the system’s warnings were correct between 70 to 90 percent of the time, Kira Radinsky, a researcher at the Technion-Israel Institute, told MIT Technology Research.